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Helicos Receives $10M Under Amended GE Loan Agreement

NEW YORK (GenomeWeb News) - Helicos BioSciences said today in a filing with the US Securities and Exchange Commission that it has received $10 million under an amended loan agreement that it originally signed with General Electric Capital Corporation and other lenders in December 2007.
The original agreement entitled Helicos to borrow up to $20 million. The company received an initial loan of $10 million at the time, along with permission to request an additional loan up to $10 million through June 30, 2008.
The first $10 million was to be amortized over 36 months, and Helicos owed interest-only payments over the initial 12 months of the loan.
Under the amended agreement, signed June 27, Helicos received a second $10 million loan with payments of principal and interest due in 36 monthly installments.
In line with the amended agreement, Helicos paid GE Capital a fee of $150,000 to serve as agent for the credit facility, and issued warrants for the rights to acquire up to 110,000 shares of its common stock for an exercise price of $4.80 per share.
The company’s shares closed at $4.68 on Monday afternoon.

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