The US Bankruptcy Court gave an order to NanoString Technologies, Inc. to obtain DIP financing on an interim basis on February 6, 2024. As per the order, the debtor has been authorized to obtain a term loan facility in the amount of $12.5 million (new term loan) and $25 million (roll up facility) out of $142.5 million from Braidwell Partners Transaction Master Fund LP and Deerfield Partners, L.P. with Wilmington Trust, National Association acting as the administrative agent. The DIP loan comprises of $47.5 million of new term loan and roll up loan of $95 million.

The DIP loan would carry an interest rate of SOFR + 4%, payable in kind, applicable only to the New Money DIP Indebtedness and 8.95%, payable in kind, applicable to the DIP Roll-up Loans., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a commitment fee of 1% p.a. The DIP facility would mature either on July 31, 2024 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $25,000 towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor?s collateral.

The final hearing shall be occurred on February 28, 2024.