PuriCore sets up $20M borrowing facility

PuriCore, a US life sciences company focused on the control of infectious pathogens with its novel, safe antimicrobial technology, has arranged a new borrowing facility totaling $20.0 million with Brown Brothers Harriman & Co. The new facility is a demand line of credit at the London Interbank Offered Rate plus 1.75%.

According to the firm, approximately $4.25 million of this facility will be used immediately to refinance existing debt, while the remainder is available to fund purchases of new equipment and for general working capital. "This facility provides flexible, cost-effective financing to support PuriCore's business model and the underlying value of the company," said Keith Goldan, the firm's chief financial officer. "The new line of credit enables us to refinance a portion of our previous debt at a lower cost of capital and on much improved terms. The additional capital allows us to take advantage of and finance the many new business development opportunities before us," he added.