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Bio-Reference Amends Loan Agreements

NEW YORK (GenomeWeb) – Bio-Reference Laboratories has amended and restated loan agreements with PNC Bank, National Association, it said in a regulatory document filed on Wednesday. 

Bio-Reference has amended a security agreement dated Sept. 30, 2004 to increase the maximum amount on a credit facility from PNC to $120 million from $70 million, not to exceed 50 percent of the firm's eligible receivables, it said in a document filed with the US Securities and Exchange Commission. The credit facility from PNC was also extended to Oct. 31, 2020 from Oct. 31, 2016. The credit line is collateralized by substantially all of Bio-Reference's assets, it said. 

Additionally, the company amended and restated a secured revolving note with PNC to increase the maximum credit line to $120 million from $70 million.