NanoString gets interim OK of $142.5 million DIP financing package

By Sarah Lizee

Olympia, Wash., Feb. 7 – NanoString Technologies, Inc. received interim approval of a $142.5 million debtor-in-possession financing package, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

As a reminder, the financing is being provided by Braidwell Partners Transaction Master Fund LP and Deerfield Partners, LP, holders of the company’s 2026 secured notes.

Wilmington Trust, NA is the administrative agent.

The financing consists of about $47.5 million in new money term loan commitments and a rollup of about $95 million of prepetition notes into a term loan.

With the interim court approval, the company can now access $12.5 million of the new money, and $25 million of the rollup.

The interest rate on the new money is SOFR plus 400 basis points, payable in kind.

The rollup bears interest at 8.95%, payable in kind.

The financing is set to mature July 31.

The company has also received interim approval to use cash collateral.

A final hearing is scheduled for Feb. 28.

NanoString Technologies is a Seattle-based biotech company specializing in cancer diagnostic tools. The company filed bankruptcy on Feb. 4 under Chapter 11 case number 24-10160.

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