--- title: "Cerus takes up to $65.0 million secured term loan from MidCap" url: "https://aibio.space/news/cerus-takes-up-65-0-million-secured-term-loan-midcap/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-06-05" section: "Debt Financing" tickers: "NASDAQ:CERS" source: "https://www.sec.gov/Archives/edgar/data/1020214/000119312526261794/cers-20260605.htm" summary: "Cerus has restated its two MidCap credit agreements, borrowing a first $35.0 million on a term loan that can reach $65.0 million. Its revolver had $29.9 mi" --- By the aibio.space news desk. Sources - [SEC Form 8-K](https://www.sec.gov/Archives/edgar/data/1020214/000119312526261794/cers-20260605.htm) [CERS](https://aibio.space/companies/cerus/) 2026-06-05 # Cerus takes up to $65.0 million secured term loan from MidCap Tickers [CERS](https://aibio.space/companies/cerus/) Cerus has restated its two MidCap credit agreements, borrowing a first $35.0 million on a term loan that can reach $65.0 million. Its revolver had $29.9 million outstanding at closing, and the term loan is priced at Term SOFR plus 5.50%. ## Key facts - **Company**: CERUS CORP (NASDAQ: CERS) - **News type**: Debt Financing - **Primary source**: [SEC Form 8-K](https://www.sec.gov/Archives/edgar/data/1020214/000119312526261794/cers-20260605.htm) *Glass office towers seen from below. CC0, via rawpixel. The picture shows the field, not the companies named.* ## Two restated loans Cerus Corporation (Nasdaq: [CERS](https://aibio.space/companies/cerus/)) entered into two restated credit agreements on June 5, 2026. The Second Amended and Restated Credit, Security and Guaranty Agreement for the term loan names MidCap Financial Trust as agent and a lender. A second restated agreement, for the revolving loan, names MidCap Funding IV Trust as agent and a lender. Both restate credit agreements dated March 31, 2023. The 8-K identifies no lender other than the two agents. ## The term loan The term loan provides up to $65.0 million. The company borrowed a first advance of $35.0 million on the closing date to refinance part of its existing term loans, and it had repaid $30.0 million of the old loans by then. An additional tranche of $30.0 million is available in minimum draws of $5.0 million, subject to the company's request and lender approval. The company expects any additional tranche to fund working capital and general corporate purposes. Each advance bears interest at Term SOFR, with a floor of 1.00%, plus 5.50%, payable monthly. Interest-only payments run for the first 48 months, and the remaining payments fall due over the final 12 months. The company must pay an annual administrative fee on the outstanding balance and an exit fee on the final payment. After the first year a prepayment carries no early termination fee, but the company must pay a pro rata share of the exit fee on any prepayment. The 8-K gives no dollar amount for either fee. ## The revolving loan The revolver provides up to $30.0 million, and the company may ask for an increase of up to $15.0 million, subject to agent and lender approval. Availability depends on a borrowing base formula that values certain accounts receivable and inventory, reduced by reserves. The company had $29.9 million outstanding at closing. Loans accrue interest at Term SOFR, with a floor of 1.00%, plus 3.70%, paid monthly, and may be borrowed, repaid and reborrowed until June 1, 2031. The revolver also carries an origination fee, a monthly unused line fee, a monthly collateral management fee and a minimum drawn balance, or interest on that balance. Termination or permanent reduction of the revolving commitment after the first year carries no termination fee. The 8-K gives no borrowing base figure, so how much of the facility is available beyond the $29.9 million drawn is not shown. ## Security and covenants Both facilities are secured by substantially all of the company's assets, with some exclusions. The covenants restrict asset sales, a change in control, mergers, acquisitions, new debt or liens, dividends, stock repurchases and investments, subject to exceptions. The company must also meet a trailing twelve-month minimum net revenue requirement, tested every quarter. The 8-K does not give the level of that requirement. The events of default include payment defaults, covenant breaches, a material adverse change, the listing of the common stock, bankruptcy, cross defaults and judgments. After a default, the agent and lenders may accelerate all obligations, and interest could rise while the default continues. The 8-K names no placement agent or financial advisor and no legal counsel for either agreement. Kevin D. Green, chief financial officer, signed the report on June 8, 2026. ## Losses and cash The annual report, filed March 2, 2026, shows research and development expense of $67.7 million in 2025, up from $58.9 million in 2024. The net loss narrowed to $15.6 million in 2025 from $20.9 million in 2024. Cash provided by operations was $4.8 million in 2025, down from $11.4 million in 2024. At the end of 2024 the company held $20.3 million in cash and cash equivalents and $60.2 million in short-term investments. The annual report figures cited here give no later balance, so the cash on hand at closing is not shown. Operating cash flow was positive in both years, yet the company now has a secured term loan of up to $65.0 million and a revolver with $29.9 million outstanding. The 8-K says the first advance refinanced part of the existing term loans and does not say why the company chose to restate both agreements. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story CERS CERUS CORP NASDAQ ยท United States Open the starter desk ## More in Debt Financing Debt Financing ### [Pelthos amends Horizon venture loan, funds Loans E to H and adds Loans I and J](https://aibio.space/news/pelthos-amends-horizon-venture-loan-funds-loans-e-h-adds-loans/) Oct 30, 2026 Debt Financing ### [Repligen announces $1.0 billion private convertible notes transaction](https://aibio.space/news/repligen-announces-1-0-billion-private-convertible-notes-transaction/) Oct 30, 2026 Debt Financing ### [FOXO to buy Ludwig Enterprises preferred stock with majority voting power](https://aibio.space/news/foxo-buy-ludwig-enterprises-preferred-stock-majority-voting-power/) Oct 29, 2026 --- Source page: https://aibio.space/news/cerus-takes-up-65-0-million-secured-term-loan-midcap/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Cerus takes up to $65.0 million secured term loan from MidCap", 2026-06-05, https://aibio.space/news/cerus-takes-up-65-0-million-secured-term-loan-midcap/