Emergent BioSolutions extends limited waiver of credit covenant compliance through May 17, 2023

Emergent BioSolutions Inc.

Entered into Waiver Amendment to Credit Agreement Amendment dated February 14, 2023, with lenders led by Wells Fargo.
Extended Limited Waiver covers defaults from financial covenant violations for fiscal quarters ending Dec 31, 2022 and Mar 31, 2023.
Waiver also addresses going concern qualification in audited financial statements for fiscal year ending December 31, 2022.
Company is working with lenders to replace current credit facility and extend the October 2023 maturity.
Company previously announced sale of travel health business to Bavarian Nordic for up to $380 million.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Emergent BioSolutions Inc. amended First Amendment to the Consent, Limited Waiver, and Third Amendment to the Amended and Restated Credit Agreement with Wells Fargo Bank, National Association, as administrative agent, and certain lenders valued at Extended Limited Waiver of defaults or events of default resulting from violation of financial coven (effective 2023-04-17).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, as administrative agent, and certain lenders
Value: Extended Limited Waiver of defaults or events of default resulting from violation of financial coven
Effective: 2023-04-17

Exact text from the filing

On April 17, 2023, Emergent BioSolutions Inc. (the “Company”) entered into a First Amendment (the “Waiver Amendment”) to the Consent, Limited Waiver, and Third Amendment to the Amended and Restated Credit Agreement dated February 14, 2023 (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.

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Source: SEC EDGAR

accession 0001367644-23-000082

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