Enzo Biochem, Inc. (NYSE:ENZ) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a RegistrantItem 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On November 27, 2018, Enzo Biochem, Inc. (the “Company”) closed on the $6 million purchase of a new facility adjacent to its current campus in Farmingdale, NY to be used for manufacturing and distributing its low cost, diagnostic platform products and related services.
In connection with the acquisition of the facility, the Company entered into a fee mortgage security agreement with Citibank, N.A., the mortgagee in the amount of $4.5 million. The mortgage is for a term of 10 years, bears a fixed interest rate of 5.09% per annum, and requires monthly debt service and interest payments of $30,105.84. The mortgage includes financial covenants requiring adherence to certain financial ratios. The Company has Town of Babylon Industrial Development Agency (IDA) commitments that will provide significant multi-year tax abatements and additional incentives with respect to its entire Farmingdale campus
The Company is assuming a short term occupancy lease with an existing tenant from the seller. The tenant may occupy the facility until December 2019, unless it is given or gives notice to vacate prior to that date.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
ENZO BIOCHEM INC ExhibitEX-99.1 2 c92425_ex99-1.htm Exhibit 99.1 FEE AND LEASEHOLD MORTGAGE AND SECURITY AGREEMENT Dated: As of November 27,…To view the full exhibit click here
About Enzo Biochem, Inc. (NYSE:ENZ)
Enzo Biochem, Inc. is a bioscience company focusing on delivering and applying technology capabilities to produce products and services. The Company’s segments include Enzo Clinical Labs, Enzo Life Sciences and Enzo Therapeutics. Enzo Clinical Labs is a clinical reference laboratory providing a range of clinical services to physicians, medical centers, other clinical labs and pharmaceutical companies. It offers a menu of molecular and other clinical laboratory tests or procedures. Enzo Life Sciences manufactures, develops and markets products and tools to clinical research, drug development and bioscience research customers. Enzo Therapeutics is a biopharmaceutical venture that develops multiple approaches in the areas of gastrointestinal, infectious, ophthalmic and metabolic diseases. Its products in the development pipeline include a range of assays for detection of various women’s health infectious agents, as well as for use in the identification of pathogens for other markets.