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| SRLS > SEC Filings for SRLS > Form 8-K on 13-Oct-2009 | All Recent SEC Filings |
13-Oct-2009
Termination of a Material Definitive Agreement, Other Events
On October 9, 2009, SeraCare Life Sciences, Inc. (the "Company") provided written notice of termination to the Administrative Agent under the Credit and Security Agreement, dated as of June 4, 2007 (the "Credit and Security Agreement"), between the Company and GE Capital (formerly Merrill Lynch Capital), as lender and administrative agent (the "Administrative Agent"), to terminate the Credit and Security Agreement effective October 9, 2009.
Pursuant to the terms and conditions of the Credit and Security Agreement, GE Capital made available to the Company a $10.0 million revolving loan facility which was to expire on June 4, 2010. Obligations under the Credit and Security Agreement were secured by substantially all the assets of the Company excluding the Company's real property located at its facility in West Bridgewater, Massachusetts.
The Company terminated the Credit and Security Agreement, which was paid in full as of September 30, 2009, immediately before entering into a purchase and sale agreement for the sale of the Company's facility in West Bridgewater, Massachusetts as described under Item 8.01 below. The Company has not incurred and does not anticipate incurring any material early termination penalties in connection with the termination of the Credit and Security Agreement.
On October 9, 2009, the Company entered into a purchase and sale agreement pursuant to which the Company will sell its West Bridgewater, Massachusetts facility. The company has been actively marketing this facility for sale since 2008 when the Company completed the transition of its corporate headquarters from the facility in West Bridgewater into a cutting-edge research and manufacturing facility in Milford, Massachusetts.
The West Bridgewater facility is being sold for $1.35 million, and the sale is expected to close in December 2009. The West Bridgewater facility is subject to an outstanding mortgage note of $1.2 million as of October 1, 2009.
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