---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-147301"
form_type: "8-K"
ticker: "EBS"
cik: "0001367644"
company_name: "Emergent BioSolutions Inc."
filed_at: "2023-05-18T23:59:59+00:00"
generated_at: "2026-06-14T21:01:48.042972+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Emergent BioSolutions amends credit facility, extends maturity to 2025, reduces revolver to $300M

## Summary
- Extended maturity from Oct 2023 to May 2025; reduced revolver from $600M to $300M.
- Used $270M from travel health sale to Bavarian Nordic plus $217.2M cash to repay $144.4M term loan and $342.8M revolver.
- New covenants: debt service coverage min 2.25x, leverage max 4.50x, must raise $75M equity/unsecured debt by Apr 2024.
- Interest rate margin set at 6.00% through Mar 2024, then 2.75%-4.00% based on leverage ratio.
- ATM equity offering of up to $150M with Evercore and RBC, commissions up to 3% of gross proceeds.

## SEC filing metadata
- accession: 0001193125-23-147301
- form_type: 8-K
- ticker: EBS
- cik: 0001367644
- company_name: Emergent BioSolutions Inc.
- filed_at: 2023-05-18T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1367644/000119312523147301/0001193125-23-147301-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1367644/000119312523147301/d499270d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-147301
- JSON: https://secwatch.observer/filing/0001193125-23-147301.json
- Plain text: https://secwatch.observer/filing/0001193125-23-147301.txt

## Key facts
- Debt Financings
  Emergent BioSolutions Inc. amended credit facility with Wells Fargo Bank, National Association, as administrative agent at SOFR plus a margin of 6.00% until March 31, 2024 maturing May 15, 2025.
  - Instrument: credit facility
  - Counterparty: Wells Fargo Bank, National Association, as administrative agent
  - Rate: SOFR plus a margin of 6.00% until March 31, 2024
  - Maturity: May 15, 2025
  - Event: amendment
  source text: The Credit Agreement Amendment amends the Existing Credit Agreement to, among other things, (a) extend the maturity date of the Senior Secured Credit Facilities from October 13, 2023 to May 15, 2025, (b) reduce the available commitments under the Revolving Credit Facility from $600.0 million to $300.0 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1367644/000119312523147301/0001193125-23-147301-index.htm
- Material Agreements
  Emergent BioSolutions Inc. amended Fourth Amendment to Amended and Restated Credit Agreement, Waiver and First Amendment to Amended and Restated Collateral Agreement with Wells Fargo Bank, National Association, as administrative agent, and certain lenders (effective 2023-05-15).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Wells Fargo Bank, National Association, as administrative agent, and certain lenders
  - Effective: 2023-05-15
  source text: On May 15, 2023, Emergent BioSolutions Inc. (the “Company”) entered into that certain Fourth Amendment to Amended and Restated Credit Agreement, Waiver and First Amendment to Amended and Restated Collateral Agreement (the “Credit Agreement Amendment”), among the Company, as borrower, certain subsidiaries of the Company, as guarantors, Wells Fargo Bank, National Association, as administrative agent (in such capacity, the “Administrative Agent”) and certain lenders party thereto.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1367644/000119312523147301/0001193125-23-147301-index.htm
- Material Agreements
  Emergent BioSolutions Inc. entered into Equity Distribution Agreement with Evercore Group L.L.C. and RBC Capital Markets, LLC valued at $150,000,000 (effective 2023-05-17).
  - Action: entry
  - Agreement: atm program
  - Counterparty: Evercore Group L.L.C. and RBC Capital Markets, LLC
  - Value: $150,000,000
  - Effective: 2023-05-17
  source text: On May 17, 2023, the Company entered into an Equity Distribution Agreement (the “Distribution Agreement”) with Evercore Group L.L.C. and RBC Capital Markets, LLC (together, the “Managers”), as sales agents, under which the Company may offer and sell its common stock, par value $0.001 per share, from time to time having an aggregate offering price of up to $150,000,000 (the “Shares”) during the term of the Distribution Agreement through the Managers.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1367644/000119312523147301/0001193125-23-147301-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.