ADMA BIOLOGICS, INC. (ADMA): debt financing — ADMA Biologics refinances with $135M Ares facility, repays $159M Hayfin debt, reduces debt 15%

ADMA BIOLOGICS, INC.

New $135M senior secured credit facility ($72.5M revolver + $62.5M term loan) fully drawn to repay prior Hayfin debt.
Total debt reduced 15% from $159M to $135M; 4-year interest-only maturity (Dec 2027).
Term loan initial rate SOFR+6.50% (11.88%); revolver initial rate SOFR+3.75% (9.13%), lower than prior facility.
Proceeds used to terminate Hayfin credit facility; cash on hand contributed to payoff.
CEO states transaction is non-dilutive and supports earnings growth; Ares Management credit funds provide financing.

item 1.01 item 1.02 item 2.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ADMA BIOLOGICS, INC. incurred credit facility of $130 million in total senior secured credit facilities with Ares Capital Corporation and certain credit funds affiliated with Ares Capital Corporation (collectively, “Ares”) at adjusted Term SOFR for a three‐month tenor plus 6.50% for the Initial Term Loan maturing December 20, 2027.

Instrument: credit facility
Principal: $130 million in total senior secured credit facilities
Counterparty: Ares Capital Corporation and certain credit funds affiliated with Ares Capital Corporation (collectively, “Ares”)
Rate: adjusted Term SOFR for a three‐month tenor plus 6.50% for the Initial Term Loan
Maturity: December 20, 2027
Event: incurrence

Exact text from the filing

On December 18, 2023, (the “Ares Closing Date”), ADMA Biologics, Inc. (the “Company”) and all of the Company’s subsidiaries entered into a Credit Agreement (the “Ares Credit Agreement”) with Ares Capital Corporation and certain credit funds affiliated with Ares Capital Corporation (collectively, “Ares”). The Ares Credit Agreement provides for $130 million in total senior secured credit facilities (the “Ares Credit Facilities”), consisting of (a) an initial term loan in the aggregate principal amount of $62,500,000 (the “Initial Term Loan Facility”) and (b) a revolving credit facility in the aggregate principal amount of up to $72,500,000 (the “Revolving Facility”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ADMA BIOLOGICS, INC. terminated Hayfin Credit Facility with Hayfin Services LLP (effective 2023-12-18).

Action: termination
Agreement: credit facility
Counterparty: Hayfin Services LLP
Effective: 2023-12-18

Exact text from the filing

On the Ares Closing Date, the Company used the proceeds of the Ares Credit Facilities, along with cash on hand, to terminate and pay in full all of the outstanding obligations under the Company’s previous senior credit facility with Hayfin Services LLP (the “Hayfin Credit Facility")

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ADMA BIOLOGICS, INC. entered into Ares Credit Agreement with Ares Capital Corporation and certain credit funds affiliated with Ares Capital Corporation valued at $130 million (effective 2023-12-18).

Action: entry
Agreement: credit facility
Counterparty: Ares Capital Corporation and certain credit funds affiliated with Ares Capital Corporation
Value: $130 million
Effective: 2023-12-18

Exact text from the filing

On December 18, 2023, (the “Ares Closing Date”), ADMA Biologics, Inc. (the “Company”) and all of the Company’s subsidiaries entered into a Credit Agreement (the “Ares Credit Agreement”) with Ares Capital Corporation and certain credit funds affiliated with Ares Capital Corporation (collectively, “Ares”).

View on SEC.gov

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ADMA BIOLOGICS, INC. filing history →

Source: SEC EDGAR

accession 0001140361-23-058160

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