BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental lasers, announced that it entered into an amendment to its senior secured term loan with SWK Funding LLC. The amendment extends the interest-only period of the loan by two quarters to November 2023 and reduces the minimum Consolidated Unencumbered Liquid Assets from $7,500,000 to $5,500,00. BIOLASE used a portion of the proceeds from its recent equity offering to prepay $1,000,000 of the outstanding loan balance.
“The recent equity offering allowed us to prepay a portion of our senior secured term loan,” commented John Beaver, President and Chief Executive Officer of BIOLASE. “This prepayment and amendment will result in lower interest expense while also increasing the Company’s liquidity.”
“Biolase continues to bring leading dental laser solutions to dentists and patients. SWK remains a supportive partner of the company and its mission,” commented Winston Black, Chief Executive Officer of SWK Holdings.
SWK Funding LLC is a subsidiary of SWK Holdings Corporation, a Dallas, Texas-based healthcare focused investment firm.
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About BIOLASE
BIOLASE is a medical device company that develops, manufactures, markets, and sells laser systems in dentistry and medicine. BIOLASE’s products advance the practice of dentistry and medicine for patients and healthcare professionals. BIOLASE’s proprietary laser products incorporate approximately 301 patented and 32 patent-pending technologies designed to provide biologically and clinically superior performance with less pain and faster recovery times. BIOLASE’s innovative products provide cutting-edge technology at competitive prices to deliver superior results for dentists and patients. BIOLASE’s principal products are revolutionary dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications. BIOLASE has sold over 43,300 laser systems to date in over 80 countries around the world. Laser products under development address BIOLASE’s core dental market and other adjacent medical and consumer applications.
BIOLASE®, Waterlase® and Waterlase iPlus® are registered trademarks of BIOLASE, Inc.
