Kewaunee Scientific Corporation completed a debt refinancing and repaid in full its $23 million seller notes on December 4 2025. The repayment was funded through an amendment to its loan agreement with PNC Bank that added a $10 million term loan and enabled the company to draw on its revolving credit facility.
The refinancing reduces Kewaunee’s overall debt load and lowers its effective interest rate, which in turn materially decreases future interest expense. The transaction improves key leverage metrics, such as the debt‑to‑equity ratio, and strengthens the balance sheet, giving the company greater financial flexibility to pursue growth initiatives.
The seller notes were issued in connection with the company’s acquisition of Nu Aire, Inc. in November 2024. The notes carried an original principal of $23 million and were scheduled to mature on November 1 2027. The loan agreement with PNC Bank, dated November 1 2024, was amended to provide the additional term loan and revolving credit that made the early repayment possible.
Donald T. Gardner III, Kewaunee’s Vice President and Chief Financial Officer, said the early repayment reflects disciplined capital allocation and confidence in the company’s long‑term strategy. He added that the ability to repay the notes well before maturity is a result of consistent cash flow from the legacy business and the accretive contribution of the Nu Aire acquisition.
By reducing debt and interest costs, the refinancing frees cash that can be deployed toward strategic initiatives, including potential acquisitions, product development, and organic growth. The move positions Kewaunee to capitalize on market opportunities while maintaining a strong financial foundation.
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