secwatch.observer — SEC 8-K summary
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Issuer:     Avid Bioservices, Inc. (—)
CIK:        0000704562
Form:       8-K
Filed at:   2023-03-15T23:59:59+00:00
Accession:  0001683168-23-001525
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Avid Bioservices enters $50M revolving credit facility with Bank of America
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- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/704562/000168316823001525/0001683168-23-001525-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/704562/000168316823001525/avid_8k.htm
  HTML page:      https://secwatch.observer/filing/0001683168-23-001525

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