GAITHERSBURG, Md., Oct. 2, 2024 (GLOBE NEWSWIRE) — Emergent BioSolutions Inc. E.B.S. announced today that it entered into a new credit agreement on September 30, 2024 that provides for an asset-based revolving loan facility (ABL) with the party lenders and Wells Fargo Bank, National Association, as administrative agent. The credit agreement provides for revolving loan commitments in an aggregate principal amount of up to $100 million (availability is based on a borrowing base set forth therein) with a fixed maturity date of September 30, 2029, subject to triggers of early maturity based on the maturity of your other material indebtedness. The new credit facility provides additional liquidity to support Emergent's multi-year transformation plan. As of September 30, 2024, Emergent had a cash balance of approximately $150 million and unused access to $100 million under the ABL.
“We are pleased to have successfully closed on our new ABL credit facility with favorable terms and an extended maturity, which is further evidence of Emergent's strengthening balance sheet and financial position,” said Joe Papa, president and CEO of Emergent. “As we continue to execute our multi-year transformation plan, we have made significant progress in our stabilization efforts to date, staying on track with strategic objectives, to deliver long-term value and sustainable growth well into the future.”
This agreement follows that of Emergent on September 3, 2024. advertisement which successfully refinanced its debt and closed a new line of credit agreement with Oak Hill Advisors for a term loan of up to $250 million.
About Emerging BioSolutions
At Emergent, our mission is to protect and improve lives. For 25 years, we've worked to defend people from things we hope never happen, so we're prepared in case they ever do. We provide solutions to complex and urgent public health threats through a portfolio of vaccines and therapeutics that we develop and manufacture for governments and consumers. We also offer a range of integrated contract development and manufacturing services for pharmaceutical and biotechnology clients. To learn more about how we help protect public health, visit our website and follow us on LinkedIn, unknown, instagram, Apple Podcasts and Spotify.
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Investors contact:
Richard S. Lindahl
Executive Vice President, Chief Financial Officer
lindahlr@ebsi.com
Media Contact:
Assal Hellmer
Vice President of Communications
mediarelations@ebsi.com
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