Emergent BioSolutions closes $250M term loan with Oak Hill Advisors; extends maturity to 2029

Emergent BioSolutions Inc.

$250M term loan drawn in full, matures August 2029; used to repay existing senior term loan due May 2025 and terminate revolver.
Issued warrants for 2.5M shares at 110% and 175% of 30-day VWAP; agreed to issue $10M in common stock at VWAP.
Interest at SOFR+8.25% or Base Rate+7.25%; default rate +2%; covenants include $75M minimum liquidity and leverage ratio tests.
New facility expected to reduce net debt by >$200M in 2024; management cites greater operational flexibility for turnaround.
Oak Hill Advisors serves as lead agent; company to participate in Wells Fargo and H.C. Wainwright conferences in September.

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