Harvard Bioscience completed a $40 million debt refinancing on December 17, 2025, replacing its existing $34 million term loan and revolving credit facility. The new senior secured credit line is structured as three term loans: Term A and Term B together provide $32.5 million, while Term C provides $7.5 million and is convertible into common stock at $1.00 per share at BroadOak’s option or automatically upon meeting specified conditions. BroadOak also received warrants to purchase 2 million shares at $0.50 per share and the right to nominate one board member for the life of the loans.
The refinancing follows a period of liquidity pressure and covenant concerns that surfaced in the company’s Q3 2025 earnings report. Revenue in that quarter fell to $20.6 million from $22.0 million in Q3 2024, while gross margin improved modestly to 58.4% from 58.1% year‑over‑year. Management cited “liquidity pressures and refinancing plans” and “covenant pressure and going‑concern language” as drivers of the debt restructuring, underscoring the need for a longer‑term, lower‑cost capital structure.
By extending the maturity of its debt to December 17, 2029, the deal provides Harvard Bioscience with a more predictable cash‑flow profile and reduces refinancing risk. The conversion feature of Term C offers a potential equity upside for BroadOak, while the warrants and board nomination right align the interests of the new lender with the company’s strategic direction. The transaction also supports the establishment of a Product, Operations, and Scientific Advisory Board, which BroadOak will help guide as the company seeks to accelerate commercialization of its research‑grade instruments.
CEO John Duke said the financing “provides the stability and flexibility we need moving forward” and thanked BroadOak for its partnership. He highlighted the company’s focus on cost discipline and the expansion of its product pipeline, noting that the new capital structure will enable continued investment in high‑margin segments. BroadOak partner Bill Snider added that the deal “strengthens Harvard Bioscience’s position and positions it for stronger growth.”
Harvard Bioscience previously completed a $65 million debt refinancing in December 2020, demonstrating a history of proactive capital‑structure management. The current $40 million facility, with its extended maturity and equity‑linked features, represents a strategic step to secure financial stability while positioning the company for future growth in the life‑sciences tools market.
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