Avid Bioservices, Inc.: debt financing — Avid Bioservices issues $160M 7% convertible notes due 2029; repays existing 1.25% notes

Avid Bioservices, Inc.

Issued $160M aggregate principal of 7.00% Convertible Senior Notes due March 1, 2029.
Conversion rate initially 101.125 shares per $1,000 principal, equivalent to $9.89 conversion price (12.5% premium to last sale).
Net proceeds ~$153.5M after fees; portion used to repurchase/repay $143.75M 1.25% Exchangeable Senior Notes due 2026.
Credit agreement amended to waive events of default from 2026 note acceleration and permit the new issuance.
Amendment fee of $25,000 paid; covenants adjusted, including EBITDA add-back for transaction costs up to $9.5M.

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

Avid Bioservices, Inc. incurred convertible notes of $160.0 million with U.S. Bank Trust Company, National Association at 7.00% per year maturing March 1, 2029.

Instrument: convertible notes
Principal: $160.0 million
Counterparty: U.S. Bank Trust Company, National Association
Rate: 7.00% per year
Maturity: March 1, 2029
Event: incurrence

Exact text from the filing

completed its previously announced private offering (the “Offering”) of $160.0 million aggregate principal amount of 7.00% Convertible Senior Notes due 2029 (the “Notes”).

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

Avid Bioservices, Inc. entered into Indenture with U.S. Bank Trust Company, National Association valued at $160.0 million aggregate principal amount of 7.00% Convertible Senior Notes due 2029 (effective 2024-03-12).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $160.0 million aggregate principal amount of 7.00% Convertible Senior Notes due 2029
Effective: 2024-03-12

Exact text from the filing

On March 12, 2024, Avid Bioservices, Inc. (the “Company”) completed its previously announced private offering (the “Offering”) of $160.0 million aggregate principal amount of 7.00% Convertible Senior Notes due 2029 (the “Notes”). The Notes were issued pursuant to an indenture, dated March 12, 2024 (the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee.

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Source: SEC EDGAR

accession 0001683168-24-001462

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