GAITHERSBURG, Md., Oct. 02, 2024 (GLOBE NEWSWIRE) -- 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 ...
