NEW YORK (GenomeWeb News) – Caliper Life Sciences has amended a loan agreement with Silicon Valley Bank that extends the maturity date of the credit facility to April 1, 2011 from the previous date of Nov. 30, 2010, according to a filing yesterday with the US Securities and Exchange Commission.
The amended agreement was signed last week and updates the loan pact that was initially signed in March of this year.
Under the agreement, Caliper may borrow up to $25 million in the form of revolving loan advances including up to $5 million in the form of letters of credit. Borrowings under the credit facility accrue interest equal to prime plus one percent if Caliper's unrestricted cash held at Silicon Valley Bank exceeds or is equal to $20 million, or prime plus 2 percent if it is below $20 million.
Caliper said that it utilizes cash from the credit facility for ongoing operations and working capital needs.
Earlier this week, Caliper said that it had sold its Xenogen Biosciences subsidiary to Taconic Farms for approximately $11 million.