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SUBSEQUENT EVENTS (Notes)
9 Months Ended
Sep. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events
SUBSEQUENT EVENTS

Sale of Anatrace-branded reagent product line
Effective October 11, 2013, the Company sold its Anatrace-branded reagents and the related group of assets used to manufacture the product line for net proceeds of approximately $11.8 million. The carrying value of the group of assets sold was approximately $2.5 million at the date of disposition and was primarily comprised of inventory. The carrying value as of September 30, 2013 of the group of assets sold are classified as held-for-sale on accompany Condensed Consolidated Balance Sheet. The Company will record a gain on the sale of Anatrace of approximately $9.4 million during the fourth quarter of 2013.

Debt refinance
During October 2013, the Company reduced its senior secured debt by approximately $17.0 million primarily through prepayments utilizing a combination of cash on hand and proceeds from the sale of its business that manufactures and sells Anatrace-branded reagents. On October 17, 2013, the Company refinanced approximately $48.0 million of its remaining senior secured debt that will lower its annual interest expense and improve its debt maturity profile. The proceeds from the debt was used to pay off existing senior debt including accrued interest and debt issuance cost of approximately $0.8 million.

Accordingly, on October 17, 2013, the Company entered into the Fourth Amendment to the Credit Agreement dated as of June 25, 2012 (“Fourth Amendment”), as amended from time to time prior to October 17, 2013. The Fourth Amendment provides, among other things, for term loans in the aggregate principal amount of $38.0 million and revolving loan commitments in the aggregate principal amount of $10.0 million, each with a term of five years. The Amendment also (i) reduced the interest rate margins, (ii) updated the financial covenant ratio levels and (iii) amended, modified and/or supplemented certain other obligations, covenants, representations and warranties of the parties under the Credit Agreement.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, which is filed hereto, as Exhibit 10.51 and is incorporated herein by reference.

Following the prepayment and refinance, Affymetrix senior secured debt outstanding was approximately $46.7 million. The Company incurred one-time fees and expenses associated with the refinance transaction of approximate $0.8 million during October 2013 that will be deferred and amortized over the term of the new debt or five years. The existing unamortized deferred debt issuance costs with a carrying value of approximately $2.5 million as of September 30, 2013 will be written off during the fourth quarter of 2013 as the modified terms of the arrangement are substantially different.