NeoGenomics, Inc. (NEO), a provider of cancer-focused genetic testing services, announced that the company has entered into a new $250 million five-year Senior Secured Credit Agreement consisting of a $100 million Revolving Credit Facility, a $100 million Initial Term Loan, and a $50 million Delayed Draw Term Loan (DDTL) which is available for 18 months. PNC Capital Markets LLC and PNC Bank, National Association acted as lead arranger and administrative agent on the transaction, respectively.

Upon closing on June 27, 2019, NeoGenomics received the Initial Term Loan Facility principal in full along with access to the Revolving Credit Facility and utilized $100 million of proceeds to retire NeoGenomics' prior outstanding term loan and revolving credit facility. NeoGenomics expects to utilize the remaining borrowing capacity to support inorganic growth opportunities and for general corporate purposes.

"In combination with our May secondary equity offering, our new larger credit agreement provides NeoGenomics significant flexibility to opportunistically grow through M&A and invest in other key corporate initiatives," said Sharon Virag, NeoGenomics' Chief Financial Officer. "Our new credit agreement represents an attractive source of capital for NeoGenomics and we are very pleased with the strong support from our banking partners."