Phase Holographic Imaging (PHI) has received a second loan commitment of 20 MSEK. In total, the company has received loan commitments of 35 MSEK that are expected to secure the company’s working capital until 2023.
The life science industry is still mostly closed for non-COVID related business. Reinforced by the prevailing uncertainty and the practical difficulties, the industry’s COVID-focus has led to that everything from simple procurements to company mergers has been put on hold.
There are good reasons to believe that the life science industry will be stronger than ever when it has delivered a vaccine to the world and again turns its attention to endemic diseases. The loan commitment allows the company to then be at the forefront. This by means of continued product development, but not least, by adapting sales and marketing to the online world, we now clearly see emerging in the pandemic’s footsteps.
A second credit agreement between PHI and Danish Formue Nord A/S gives PHI the opportunity to call for drawdowns totaling an additional 20 MSEK. Together, the two credit agreements with Formue allow PHI to activate loans totaling 35 MSEK on market terms. Unless otherwise agreed, the term of the agreement is 24 months. Drawdowns can be repaid in cash or by debt/equity swap. Corpura Fondkommission AB has acted as financial advisor regarding the credit facility.