A Medical Device Daily

SeraCare Life Sciences (SRLS; Oceanside, California) reported that it has entered into a three-year credit and security agreement, with Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services, as a lender and as the administrative agent, in which a $10 million revolving loan facility was made available to the company.

Obligations under the credit agreement are secured by substantially all the assets of the company, excluding its real property located at its West Bridgewater, Connecticut facility, which is subject to a separate mortgage.

The revolving loan facility, which may be used for working capital and other general corporate purposes, is governed by a borrowing base.

As of June 11, the company has not borrowed any amounts under the revolving loan facility.

The loan bears interest at a rate per annum equal to 2.75% over LIBOR. Interest is payable monthly. Amounts under the revolving loan facility may be repaid and re-borrowed until June 4, 2010. Mandatory prepayments of the Revolving Loan Facility are required any time the revolving loan outstanding balance exceeds the borrowing base.

“I’m pleased we have been successful in our efforts to enter into this $10 revolving loan facility with Merrill Lynch Capital. This facility provides us with additional financial flexibility to expand our capabilities and service to customers,” said Susan Vogt, SeraCare’s president/CEO.

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