Emergent BioSolutions Inc. announced the closing of a new credit agreement on September 30, 2024, establishing a $100 million asset-based revolving loan facility (ABL). This facility, with Wells Fargo Bank as administrative agent, matures on September 30, 2029.
The new credit facility enhances Emergent's liquidity, supporting its ongoing multi-year transformation plan. This agreement follows the company's September 3, 2024, announcement of a new credit facility agreement with Oak Hill Advisors for a term loan of up to $250 million.
As of September 30, 2024, Emergent reported a cash balance of approximately $150 million and had undrawn access to the full $100 million under the new ABL. This financial maneuver is part of Emergent's stabilization efforts to strengthen its balance sheet and financial position.
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