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Cepheid Inks $15M Credit Line

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Cepheid said that it has entered into a loan and security agreement with Silicon Valley Bank, providing the firm with a revolving credit line of up to $15 million.

The credit line has a maturity date of June 7, 2012 and bears an interest rate "equal to SVB's most recently announced prime rate … but in no case less than" 4 percent, the firm said in a filing this week with the US Securities and Exchange Commission.

In addition, the agreement includes a total term line of $6 million — $2 million of which was made effective on the date of the loan agreement; $2 million that must be requested by Cepheid no later than Aug. 1, 2010; and $2 million that Cepheid must request no later than Nov. 1, 2010. The maturity date for each term loan is 48 months following the loan.

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