Full Press Release Details
Emergent BioSolutions Announces Closing of $100 Million Asset-Backed Loan Facility
GAITHERSBURG, Md., Oct 2, 2024 Emergent BioSolutions Inc. (NYSE: EBS) announced today that it entered into a new credit agreement on September 30,
2024 providing for an asset-based revolving loan facility (ABL) with the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent. The credit agreement provides for revolving loan commitments in an aggregate
principal amount 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 early maturity triggers based on the maturity of its other material
indebtedness. The new credit facility brings 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 undrawn 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 strengthened balance sheet and financial position, said Joe Papa, president and CEO, Emergent. As we continue to execute on our multi-year transformation plan, we have made
significant progress on our stabilization efforts to date, all while staying the course on strategic goals, to deliver long-term value and sustainable growth in the future.
This agreement follows Emergent s September 3, 2024 announcement that it successfully refinanced its debt and closed a new credit facility
agreement with Oak Hill Advisors for a term loan of up to $250 million.
About Emergent BioSolutions
At Emergent, our mission is to protect and enhance life. For 25 years, we ve been at work defending people from things we hope will never happen so
we are prepared just in case they ever do. We provide solutions for 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
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There are a number of important factors that could cause the company s actual results to differ
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Commission, when evaluating our forward-looking statements.
Executive Vice President, CFO