Harvard Bioscience receives $3.1M ERC cash in Q1, expects another $3.1M; amends credit EBITDA addbacks

HARVARD BIOSCIENCE INC

Received $3.1M cash in Q1 2024 from employee retention credits (ERC); expects additional $3.1M in FY2024.
Will incur ~$1M commission fee on ERC; credit agreement amended to exclude fee and $600K escheatment reserves from EBITDA cap.
Third amendment to credit agreement allows add-backs beyond 10% EBITDA cap for those specific items, easing covenant compliance.
No fees payable for amendment except reimbursable attorney costs.

item 1.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

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

HARVARD BIOSCIENCE INC amended Third Amendment with Citizens Bank, N.A. (effective 2024-03-28).

Action: amendment
Agreement: credit facility
Counterparty: Citizens Bank, N.A.
Effective: 2024-03-28

Exact text from the filing

On March 28, 2024, Harvard Bioscience, Inc. (the “Company”) entered into a third amendment (the “Third Amendment”) to the Credit Agreement (the “Credit Agreement”), dated as of December 22, 2020, among the Company, the lenders party thereto (the “Lenders”), and Citizens Bank, N.A., as the administrative agent

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Source: SEC EDGAR

accession 0001171843-24-001791

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