Biolase receives favorable credit amendment
Katherine E. Pfaff
Dental laser company, Biolase, Inc., entered an amendment in June with its senior secured loan term with SWK Funding LLC. The agreement will lead to extension of the interest only timeline by two quarters, with the end of the extension in November 2023.
Through the amendment, the minimum Consolidated Unencumbered Liquid Assets is lessened. The changed amony=nt is $7,500,000 to $5,500,00. Coming out of an equity offering, the company used the proceeds to prepay its loan by $1 million.
"The recent equity offering allowed us to prepay a portion of our senior secured term loan," commented John Beaver, president and chief executive officer of BIOLASE. "This prepayment and amendment will result in lower interest expense while also increasing the Company's liquidity."
SWK Funding LLC is a healthcare investment company, SWK Holdings Corporation.
"Biolase continues to bring leading dental laser solutions to dentists and patients. SWK remains a supportive partner of the company and its mission," commented Winston Black, chief executive officer of SWK Holdings.
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