Psychemedics Draws on Banc of America Leasing Master Loan

According to a recent 8-K filing, Acton, MA-based Psychemedics drew down under its equipment financing arrangement with Banc of America Leasing & Capital, which included a master loan and security agreement and related documentation, equipment note #006 in the principal amount of $609,844.

The note is secured by a first priority security interest in the equipment to be acquired with the proceeds of the equipment note. The total outstanding balance on all notes as of this filing is $6.1 million, with $92,000 available for borrowing.

The due date under the equipment note is March 21, 2021 and the equipment note bears interest each month at the then current 30-day LIBOR rate + 2.00% (which would amount to an annual rate of 2.43% as of the date of filing of this report). Principal and interest are payable over the 60-month repayment period and principal can be repaid without premium or penalty.

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