{"schema_version":"secwatch.filing_event.v1","accession":"0001683168-23-001525","form_type":"8-K","ticker":null,"cik":"0000704562","company_name":"Avid Bioservices, Inc.","filed_at":"2023-03-15T23:59:59+00:00","discovered_at":"2026-05-14T18:03:47.811174+00:00","generated_at":"2026-06-18T02:34:53.365140+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.55,"calibrated_materiality_score":0.55,"confidence":"high","headline":"Avid Bioservices enters $50M revolving credit facility with Bank of America","bullets":["$50M revolving credit facility; borrowing base lesser of $50M or 80% eligible accounts plus cash collateral.","Facility matures March 13, 2024; secured by substantially all assets of Avid Bioservices.","Interest at Term SOFR + 1.40% (plus 0.10% SOFR adjustment) or Base Rate + 0.40%; commitment fee 0.20%.","Minimum consolidated EBITDA covenant of $15 million over trailing four fiscal quarters.","Proceeds to be used for general corporate purposes."],"urls":{"canonical":"https://secwatch.observer/filing/0001683168-23-001525","json":"https://secwatch.observer/filing/0001683168-23-001525.json","markdown":"https://secwatch.observer/filing/0001683168-23-001525.md","text":"https://secwatch.observer/filing/0001683168-23-001525.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/704562/000168316823001525/0001683168-23-001525-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/704562/000168316823001525/avid_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-18T02:34:53.365140+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"eebb471b1128e594bbf8541d4173e3e486743c7f","claim":"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.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/704562/000168316823001525/0001683168-23-001525-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"revolving credit"},{"label":"Principal","value":"$50 million"},{"label":"Counterparty","value":"Bank of America, N.A."},{"label":"Rate","value":"term SOFR rate plus a margin of 1.40% or base rate plus a margin of 0.40%"},{"label":"Maturity","value":"March 13, 2024"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"9c46ab62a5f45081baf8cc5ab9d0e545282aba0c","claim":"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).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/704562/000168316823001525/0001683168-23-001525-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Bank of America, N.A., as administrative agent and letter of credit issuer"},{"label":"Value","value":"$50 million"},{"label":"Effective","value":"2023-03-14"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}