T2 Biosystems Announces Agreement with CRG for the Conversion of $15 Million of CRG Term Loan into Equity
LEXINGTON, Mass., Feb. 15, 2024 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, today announced the entrance into a definitive agreement to convert $15 million of its term loan with entities affiliated with CRG Servicing LLC (“CRG”) into T2 Biosystems equity upon stockholder approval.
- LEXINGTON, Mass., Feb. 15, 2024 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, today announced the entrance into a definitive agreement to convert $15 million of its term loan with entities affiliated with CRG Servicing LLC (“CRG”) into T2 Biosystems equity upon stockholder approval.
- On February 15, 2024, T2 Biosystems entered into a Securities Purchase Agreement with CRG to facilitate the debt conversion.
- CRG agreed to waive prepayment premiums and back-end fees associated with such principal amounts of loans exchanged for equity.
- In October 2023, the CRG Term Loan Agreement was amended to extend the interest-only period and maturity date from December 30, 2024 to December 31, 2025 and to permanently reduce the minimum liquidity covenant from $5 million to $500,000.