BioLife Solutions Inc (BLFS)

[techisbest]

BioLife Solutions, Inc. (NASDAQ: BLFS), a leading developer, manufacturer and marketer of proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media ("BioLife"), today announced that it has reached an agreement to extend the maturity date and repayment schedule of its outstanding $4 million credit facility.

https://mma.prnewswire.com/media/95642/biolife_solutions_inc__logo.jpg

Pursuant to the amendment with WAVI Holding AG, ("WAVI"), the original maturity date of June 1, 2017 has been extended and a long-term repayment schedule has been agreed to. B eginning September 1, 2017 to June 1, 2018, the Company will make four quarterly cash interest only payments of $106,250. From September 1, 2018 through June 1, 2022, the Company will make quarterly cash principal payments of $265,625, in addition to ongoing interest payments. The interest rate on the credit facility remains fixed at 10% and no other consideration was provided to WAVI as part of the amendment.

"We appreciate the flexibility and confidence shown by our lender and largest shareholder in entering into this amendment of the credit facility," said Roderick de Greef, BioLife's CFO. "The extension of the maturity date and commitment to a long-term cash repayment schedule should eliminate any shareholder concern about a potentially dilutive conversion of debt to equity at this time."