Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Avid Bioservices, Inc. incurred revolving credit of $50 million with Bank of America, N.A. at term SOFR rate plus a margin of 1.40% or base rate plus a margin of 0.40% maturing March 13, 2024.
- Instrument
- revolving credit
- Principal
- $50 million
- Counterparty
- Bank of America, N.A.
- Rate
- term SOFR rate plus a margin of 1.40% or base rate plus a margin of 0.40%
- Maturity
- March 13, 2024
- Event
- incurrence
Exact text from the filing
administrative agent and letter of credit issuer. The Credit Agreement provides for a revolving credit facility (the “Credit Facility”) in an amount equal to the lesser of (i) $50 million, and (ii) a borrowing base calculated as the sum of (i) 80% of the value of certain eligible accounts of the Company, plus (ii) up to 100% of the value of eligible cash
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Avid Bioservices, Inc. entered into Credit Agreement with Bank of America, N.A., as administrative agent and letter of credit issuer valued at $50 million (effective 2023-03-14).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Bank of America, N.A., as administrative agent and letter of credit issuer
- Value
- $50 million
- Effective
- 2023-03-14
Exact text from the filing
On March 14, 2023, Avid Bioservices, Inc. (the “Borrower” and “Company”), entered into a credit agreement (the “Credit Agreement”) among the Borrower, the guarantors identified therein, the lenders identified therein, and Bank of America, N.A., as administrative agent and letter of credit issuer.
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