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Note 13 - Long-term Debt | 3 Months Ended
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Mar. 31, 2023
Notes to Financial Statements |
Long-Term Debt [Text Block] |
13. | Long-term debt
2022 term loan 3 On September 20, 2022, the Company and certain of its subsidiaries entered into a term loan agreement, which provided for up to $50 million in aggregate principal to be drawn. The term loan matures on June 1, 2026. The agreement provides for borrowings of up to $30 million upon closing and options to borrow up to $10 million between closing and June 30, 2023, up to $10 million upon the achievement of certain revenue milestones, and an additional $10 million at the discretion of the lender. The Company borrowed $20 million upon closing. Payments on the borrowing are interest-only through June 2024, with additional criteria allowing for interest-only payments to continue through June 2025. Tranches borrowed under the term loan agreement bear interest at the Wall Street Journal prime rate plus 0.5%. The interest rate is subject to a ceiling that restricts the interest rate for each tranche from exceeding 1.0% above the overall rate applicable to each tranche at their respective funding dates. The term loan agreement contains customary representations and warranties as well as customary affirmative and negative covenants. As of the date of this filing, the Company is in compliance with the covenants set forth in the 2022 term loan 3 agreement. In the event that borrowings under 2022 term loan 3 exceed $20 million, the Company will become subject to financial covenants. Long-term debt consisted of the following as of March 31, 2023 and December 31, 2022:
|  |  |  |  |  |  | March 31, |  |  | December 31, |
(In thousands) | Maturity Date |  | Interest Rate |  |  | 2023 |  |  | 2022 |
2022 term loan 2 | Various |  |  | 4.0 | % |  |  | 2,896 |  |  |  | 2,896 |
2022 term loan 3 | Jun-26 |  |  | 6.8 | % |  |  | 20,000 |  |  |  | 20,000 |
Insurance premium financing | Apr-23 |  |  | 5.0 | % |  |  | 505 |  |  |  | 1,074 |
Freezer equipment loan | Dec-25 |  |  | 5.7 | % |  |  | 430 |  |  |  | 466 |
Manufacturing equipment loans | Oct-25 |  |  | 5.7 | % |  |  | 243 |  |  |  | 266 |
Freezer installation loan | Various |  |  | 6.3 | % |  |  | 1,012 |  |  |  | 1,078 |
Other loans | Various |  | Various |  |  |  | 5 |  |  |  | 6 |
Total debt, excluding unamortized debt issuance costs |  |  |  |  |  |  | 25,091 |  |  |  | 25,786 |
Less: unamortized debt issuance costs |  |  |  |  |  |  | (149 | ) |  |  | (179 | )
Total debt |  |  |  |  |  |  | 24,942 |  |  |  | 25,607 |
Less: current portion |  |  |  |  |  |  | (1,250 | ) |  |  | (1,814 | )
Total long-term debt |  |  |  |  |  | $ | 23,692 |  |  | $ | 23,793 |
2022 term loan 3 is secured by substantially all assets of BioLife, SAVSU, CBS, SciSafe, Global Cooling and Sexton, other than intellectual property. 2022 term loan 2 is secured by substantially all assets of Global Cooling and is effectively subordinated to the security interest established by the lenders of 2022 term loan 3. Equipment loans are secured by the financed equipment. As of March 31, 2023, the scheduled maturities of loans payable for each of the next five years and thereafter were as follows:
(In thousands) |  | Amount |
2023 (9 months remaining) |  | $ | 1,135 |
2024 |  |  | 5,481 |
2025 |  |  | 10,511 |
2026 |  |  | 5,219 |
2027 |  |  | 2,596 |
Thereafter |  |  | - |
Total debt |  |  | 24,942 |

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