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Affymetrix Refinances Senior Secured Debt

NEW YORK (GenomeWeb News) – Affymetrix today said that it has refinanced its senior secured debt after making a prepayment made up of cash and proceeds from the sale of its Anatrace business last week.

The refinancing was carried out on Oct. 17, and as a result of the repayment and refinancing, the company's senior secured debt outstanding is about $46.7 million, Affymetrix said in a document filed with the US Securities and Exchange Commission. The annual gross interest expense savings from the refinancing will total about $2.6 million, compared to the gross expense incurred during the 12 months ending Sept. 30, 2013.

Affymetrix expects to incur one-time fees and expenses of $800,000 associated with the transaction, it said.

Additionally, the company said that on Oct. 17, it entered into a fourth amendment to its credit agreement with General Electric Capital and other lenders. The amendment provides for, among other things, new term loans totaling $38.0 million in aggregate principal amount. It also provides for new revolving loan commitments of $10.0 million in aggregate principal amount. The new revolving loan commitments replaced all existing loan commitments under the credit agreement.

The new term loans and new revolving loan commitments each have terms of five years.