credit facility

The company's CFO said the agreement reduces Hologic's interest expense, increases its financial flexibility, and extends its debt maturities.

The company has amended and restated a credit facility and a secured revolving note to increase the available borrowing amount for each to up to $120 million.

The financing will go toward commercial and clinical activities to increase adoption of the company's DecisionDx-Melanoma test.

The company borrowed $2 million pursuant to an amendment to a $12 million credit agreement. It also said that it has until June 19 to meet certain listing requirements. 

The company drew a first tranche of $8.5 million from the credit facility in July and has $2 million remaining on the term loan commitment.

The loan agreement replaces a prior credit facility from Oxford Finance and Silicon Valley Bank.

The Australian molecular diagnostics firm will use the facility to further commercialize its breast cancer test in the US.

The revolving credit facility and the term loan credit facility are for $1 billion each.