Emergent BioSolutions amends credit facility; revolver cut to $270M, interest margins raised

Emergent BioSolutions Inc.

Revolving commitments reduce to $270M through July 30, then $225M, and $200M after Oct 31, 2024.
Interest margins increase: Base Rate loans from 5% to 7%, SOFR/Eurocurrency from 6.5% to 8.5%.
Company must raise at least $85M in equity or unsecured debt by July 31, 2024 (may be reduced by asset sale proceeds).
100% of net proceeds from certain dispositions must prepay revolver (up to $85M); excess applies to term loan.
New monthly minimum EBITDA, maximum capex, and minimum liquidity covenants added through 2025.

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

Emergent BioSolutions Inc. amended credit facility of reduce available commitments under the Revolving Credit Facility to $270.0 million through July 30, 2024, to $225.0 mill with Wells Fargo Bank, National Association at amend the interest rate benchmark in the definition of Applicable Margin from (i.

Instrument: credit facility
Principal: reduce available commitments under the Revolving Credit Facility to $270.0 million through July 30, 2024, to $225.0 mill
Counterparty: Wells Fargo Bank, National Association
Rate: amend the interest rate benchmark in the definition of Applicable Margin from (i
Event: amendment

Exact text from the filing

The Seventh Amendment amends the Existing Credit Agreement to, among other things, (a) reduce available commitments under the Revolving Credit Facility to $270.0 million through July 30, 2024, to $225.0 million from July 31, 2024 through October 30, 2024, and to $200.0 million on October 31, 2024 and thereafter; (b) amend the interest rate benchmark in the definition of Applicable Margin from (i) 5.00% per annum to 7.00% per annum with respect to Base Rate Loans and (ii) 6.50% per annum to 8.50% per annum with respect to SOFR Loans, RFR Loans and Eurocurrency Rate Loans;

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

Emergent BioSolutions Inc. amended Seventh Amendment with Wells Fargo Bank, National Association valued at $270.0 million (effective 2024-04-29).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Value: $270.0 million
Effective: 2024-04-29

Exact text from the filing

On April 29, 2024, Emergent BioSolutions Inc. (the “Company”) entered into a Consent, Waiver and Seventh Amendment to the Amended and Restated Credit Agreement (the “Seventh Amendment”) (the “Seventh Amendment”), among the Company, as borrower, Wells Fargo Bank, National Association, as administrative agent (in such capacity, the “Administrative Agent”) and certain lenders party thereto.

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307 debt financings filed in the last 30 days. Browse all debt financings →

Emergent BioSolutions Inc. filing history →

Source: SEC EDGAR

accession 0001367644-24-000055

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