Emergent BioSolutions Enters Material Definitive Agreement

TL;DR

Emergent BioSolutions just signed a big deal with new financial obligations.

AI Summary

Emergent BioSolutions Inc. announced on April 29, 2024, that it entered into a Material Definitive Agreement. This agreement creates a direct financial obligation for the registrant. The company is incorporated in Delaware and its principal executive offices are located in Gaithersburg, Maryland.

Why It Matters

This filing indicates a significant new financial commitment or obligation for Emergent BioSolutions, which could impact its financial health and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and creating new financial obligations can introduce financial risks and uncertainties for a company.

Key Players & Entities

• Emergent BioSolutions Inc. (company) — Registrant
• April 29, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of incorporation
• Gaithersburg, Maryland (location) — Principal executive offices

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share EBS New York Stock
• $270.0 million — under the Revolving Credit Facility to $270.0 million through July 30, 2024, to $225.0 millio
• $225.0 million — 270.0 million through July 30, 2024, to $225.0 million from July 31, 2024 through October 30,
• $200.0 million — , 2024 through October 30, 2024, and to $200.0 million on October 31, 2024 and thereafter; (b)
• $85.0 million — y or unsecured indebtedness of at least $85.0 million by July 31, 2024 (or such later date on
• $85,000,000 — lity, except where such proceeds exceed $85,000,000, in which case such mandatory prepaymen

Filing Documents

• ebs-20240429.htm (8-K) — 33KB
• ebspr-seventhamendment.htm (EX-99.1) — 10KB
• image.jpg (GRAPHIC) — 7KB
• 0001367644-24-000055.txt ( ) — 181KB
• ebs-20240429.xsd (EX-101.SCH) — 2KB
• ebs-20240429_lab.xml (EX-101.LAB) — 22KB
• ebs-20240429_pre.xml (EX-101.PRE) — 13KB
• ebs-20240429_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement Amendment of Senior Secured Credit Facilities On April 29, 2024, Emergent BioSolutions Inc. (the "Company") entered into aConsent, Waiver and Seventh Amendment to the Amended and Restated Credit Agreement (the "Seventh Amendment") (the "Seventh Amendment"), among the Company, as borrower, Wells Fargo Bank, National Association, as administrative agent (in such capacity, the "Administrative Agent") and certain lenders party thereto. The Seventh Amendment amends the Amended and Restated Credit Agreement, dated as of October 15, 2018, among the Company, the lenders party thereto from time to time and the Administrative Agent (as previously amended, modified and supplemented, the "Existing Credit Agreement"), relating to the Company's senior secured credit facilities consisting of a senior revolving credit facility (the "Revolving Credit Facility") and a senior term loan facility (the "Term Loan Facility" and together with the Revolving Credit Facility, the "Senior Secured Credit Facilities"). The Seventh Amendment amends the Existing Credit Agreement to, among other things, (a) reduce available commitments under the Revolving Credit Facility to $270.0 million through July 30, 2024, to $225.0 million from July 31, 2024 through October 30, 2024, and to $200.0 million on October 31, 2024 and thereafter; (b) amend the interest rate benchmark in the definition of Applicable Margin from (i) 5.00% per annum to 7.00% per annum with respect to Base Rate Loans and (ii) 6.50% per annum to 8.50% per annum with respect to SOFR Loans, RFR Loans and Eurocurrency Rate Loans; and (c) require the Company to raise equity or unsecured indebtedness of at least $85.0 million by July 31, 2024 (or such later date on or before September 29, 2024 as agreed to by the Administrative Agent), provided that such requirement will be reduced by the aggregate net cash proceeds received from certain dispositions that are applied to reduce amounts o

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits . Exhibit No. Description 99.1 Press release issued by Emergent BioSolutions Inc. on April 30 , 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EMERGENT BIOSOLUTIONS INC. Dated: April 30, 2024 By: /s/ RICHARD S. LINDAHL Name: Richard S. Lindahl Title: Executive Vice President, Chief Financial Officer and Treasurer

View Full Filing

View this 8-K filing on SEC EDGAR