Exact Sciences secures $40.6M in financing — 3 insights

According to Genome Web, Exact Sciences closed a revolving loan for $15 million and a non-revolving construction loan for $25.6 million.

Here's what you should know:

1. The revolving loan will provide Exact Sciences the money on a 24-month secured revolving credit facility. The loan matures in December 2019.

2. The non-revolving loan matures in December 2022. Exact Sciences will pay interest equal to the sum of the one-month Libor rate, with an additional 2.25 percent.

3. The company will use both loans to finance its recently announced expansion project. To secure both loans, Exact Sciences had to pledge $16.4 million of its own capital.

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