GTC Biotherapeutics (fka GTCB)

[DewDiligence]

On Dec 29, GTC refinanced its loan with GE. The cumulative amount outstanding was raised from $7.2M to $10M (providing GTC with $2.8M of new cash) and the repayment schedule was stretched out. There are now two loans with GE, one for $8M and one for $2M:

$8M GE loan:
Monthly installments of $109K from 2/1/07 through 12/1/11 with a balloon payment of $5.1M on 1/1/12.

$2M GE loan:
Monthly installments of $65K from 2/1/07 through 1/1/10. No balloon payment.

Combining the two loans gives the
following debt-repayment schedule:

2007: $2.1M ($175K monthly)
2008: $2.1M ($175K monthly)
2009: $2.1M ($175K monthly)
2010: $1.4M ($175K on 1/1/10; $109K monthly thereafter)
2011: $1.3M ($109K monthly)
2012: $5.1M (final nalloon payment on 1/1/12)

The total repayments of $14.1 consist of $10M of principal and $4.1M of interest.

For further details, see these exhibits attached to today’s 8K filing:
http://www.sec.gov/Archives/edgar/data/904973/000119312507001501/dex101.htm and
http://www.sec.gov/Archives/edgar/data/904973/000119312507001501/dex102.htm .