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Business & Finance
Biosciences company secures $35 million line of credit from California bank
August 15th, 2005
Kosan Biosciences Incorporated (KOSN) announced that it has secured a $35 million line of credit. The $35 million credit facility, which is being provided by Silicon Valley Bank, is available in up to 2 draws through May 31, 2006, and upon drawdown converts to a 5-year term loan. The term loan features a 24-month period of interest-only payments followed by fixed principal and interest payments based on an 84-month amortization schedule and a balloon payment at the end of the 5-year period. The line of credit is secured by the company's assets, excluding intellectual property, and contains financial covenants requiring the company to maintain certain levels of cash and...
Source: Pharma Business Week (2005-08-15)
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