BioLase Technology 8-K 2012
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Biolase Technology, Inc.
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Item 1.01 Entry into a Material Definitive Agreement.
On May 24, 2012, Biolase, Inc. (the "Company"), entered into credit facilities for funding of up to $8 million, as described below under Item 2.03. The description of the credit facilities and related transactions under Item 2.03 are incorporated into this item by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On May 24, 2012, the Company entered into a Loan and Security Agreement (the "Loan and Security Agreement") in respect of a $4 million revolving credit facility (the "Domestic Revolver") and a Borrower Agreement (the "Borrower Agreement," and together with the Loan and Security Agreement, the "Loan Agreements") under the Export-Import Bank of the United States Working Capital Guarantee Program in respect of a $4 million revolving credit facility (the "Ex-Im Revolver") with Comerica Bank (the "Lender") for credit facility funding of up to an aggregate amount of $8 million. In connection with the Loan Agreements, the Company issued a Master Revolving Note in favor of the Lender (the "Note") and a Warrant in favor of the Lender (the "Warrant") to purchase up to 80,000 shares of the Company’s $0.001 par value per share Common Stock ("Common Stock") at a per share price of $2.36. Borrowings under the credit facilities will be used to fund the Company’s ongoing working capital needs.
Item 8.01 Other Events.
On May 29, 2012, the Company issued a press release announcing the credit facilities disclosed in Item 2.03 above. A copy of that press release is filed as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.