Hamilton Thorne Announces US$7.5 Million Line of Credit
September 30 2019 - 5:38PM
Hamilton Thorne Ltd. (TSX-V:HTL), a leading provider of precision
instruments, consumables, software and services to the Assisted
Reproductive Technologies (ART) and developmental biology research
markets, today reported that it has expanded its operating line of
credit to US$4.5 million and renewed its US$3 million acquisition
line of credit with its commercial bank to support growth and
future acquisitions.
Highlights
- Operating line of credit provides for advances up to US$4.5
million• Interest at prime rate• Existing line extended to
July 31, 2022, with annual renewals for additional two-year
periods• Line increased from previous US$2.5 million• No
periodic paydowns required• Bank advances based on borrowing
base (accounts receivable and eligible inventory)
- Acquisition line of credit provides for advances up to US$3.0
million• Interest at prime rate• Automatically converts
to five year, fixed-rate term loans when balance exceeds US$1
million• Bank advances up to 55% of target acquisition
purchase price
Michael Bruns, Chief Financial Officer stated, “This increased
operating line of credit plus our renewed acquisition credit
facility provides us with the operating flexibility to support our
growth, and when combined with the over US$9 million of cash on our
balance sheet, allows us to continue to execute our acquisition
program with a low cost of capital, while still keeping us well
within our current comfort level of 2.5 times senior secured debt
to EBITDA.”
About Hamilton Thorne Ltd.
(www.hamiltonthorne.ltd)
Hamilton Thorne is a leading global provider of precision
instruments, consumables, software and services that reduce cost,
increase productivity, improve results and enable breakthroughs in
Assisted Reproductive Technologies (ART) and developmental biology
research markets. Hamilton Thorne markets its products and services
under the Hamilton Thorne, Gynemed, Planer and Embryotech
Laboratories brands, through its growing sales force and
distributors worldwide. Hamilton Thorne’s customer base consists of
fertility clinics, university research centers, animal breeding
facilities, pharmaceutical companies, biotechnology companies, and
other commercial and academic research establishments.
Neither the TSX Venture Exchange, nor its regulation services
provider (as that term is defined in the policies of the exchange),
accepts responsibility for the adequacy or accuracy of this
release.
Certain information in this press release may
contain forward-looking statements. This information is based on
current expectations that are subject to significant risks and
uncertainties that are difficult to predict including the risk that
the Company may not be able to obtain the necessary regulatory
approvals, as applicable. Actual results might differ materially
from results suggested in any forward-looking statements. The
Company assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those reflected in the forward-looking statements
unless and until required by securities laws applicable to the
Company. Additional information identifying risks and uncertainties
is contained in filings by the Company with the Canadian securities
regulators, which filings are available at www.sedar.com.
For more information, please contact:
David Wolf, President & CEOHamilton Thorne
Ltd.978-921-2050ir@hamiltonthorne.ltd |
Michael Bruns, CFOHamilton Thorne
Ltd.978-921-2050ir@hamiltonthorne.ltd |
Glen AkselrodBristol Investor
Relations416-737-4467glen@bristolir.com |
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