Pacira BioSciences, Inc. (PCRX): debt financing — Pacira refinances Term Loan B with $150M Term Loan A at 400 bps lower rate, cutting 2023 interest expense by $15M

Pacira BioSciences, Inc.

Repaid $287.5M Term Loan B outstanding using $150M new Term Loan A and cash on hand.
New Term Loan A matures March 2028; interest rate is SOFR + 3.00%-3.75%, 400 bps lower than prior facility.
Expects Q1 2023 cash and investments of approximately $180M after repayment.
Full-year 2023 interest expense reduction of at least $15M from lower rate.
CFO reaffirms 5-year plan for adjusted EBITDA margins exceeding 50% and improved leverage ratio.

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

Pacira BioSciences, Inc. incurred credit facility of $150.0 million with JPMorgan Chase Bank, N.A., as administrative agent and certain lenders at Alternate Base Rate plus a spread ranging from 2.00% to 2.75% maturing March 31, 2028.

Instrument: credit facility
Principal: $150.0 million
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and certain lenders
Rate: Alternate Base Rate plus a spread ranging from 2.00% to 2.75%
Maturity: March 31, 2028
Event: incurrence

Exact text from the filing

The Credit Agreement provides for a single-advance term loan A facility in the principal amount of $150.0 million, which is secured by substantially all of the Company's and any subsidiary guarantor's assets and is scheduled to mature on March 31, 2028

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

Pacira BioSciences, Inc. terminated Existing Credit Agreement (effective 2023-03-31).

Action: termination
Agreement: credit facility
Effective: 2023-03-31

Exact text from the filing

On March 31, 2023, the Company used the $150.0 million of borrowings, together with cash on hand, to repay the indebtedness outstanding under the Existing Credit Agreement and terminated the Existing Credit Agreement.

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

Pacira BioSciences, Inc. entered into Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent and certain lenders valued at $150.0 million (effective 2023-03-31).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and certain lenders
Value: $150.0 million
Effective: 2023-03-31

Exact text from the filing

On March 31, 2023, Pacira BioSciences, Inc. (the “Company”) entered into a credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent and certain lenders, to refinance the indebtedness outstanding under the Company’s credit agreement, dated as of December 7, 2021, relating to the Company’s term loan B facility (the “Existing Credit Agreement”).

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Pacira BioSciences, Inc. filing history →

Source: SEC EDGAR

accession 0001396814-23-000017

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