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NeoGenomics Secures $250M Credit

NEW YORK – NeoGenomics said after the close of the market on Thursday that it has entered into a new $250 million, five-year senior secured credit agreement.

The agreement consists of a $100 million revolving credit facility, a $100 million initial term loan, and a $50 million delayed-draw term loan, which is available for 18 months.

NeoGenomics received the initial term loan facility in full upon the closing of the deal, along with access to the revolving credit facility. The Fort Myers, Florida-based provider of cancer genetic testing services said it has used $100 million of the proceeds to retire its prior outstanding term loan and revolving credit facility. The remaining funds are expected to support inorganic growth opportunities and general corporate purposes.

In May, the firm announced a $148.8 million public offering of 7 million shares of its common stock. In combination with that, "our new larger credit agreement provides NeoGenomics significant flexibility to opportunistically grow through M&A and invest in other key corporate initiatives," NeoGenomics CFO Sharon Virag said in a statement.

PNC Capital Markets and PNC Bank, National Association were the lead arranger and administrative agent for the deal.

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