Citizens Bank acted as administrative agent and Wells Fargo and Silicon Valley Bank acted as joint bookrunners, joint lead arrangers and syndication agents on a $65 million credit facility for Harvard Bioscience, a manufacturer of drug development technologies and products.
The credit agreement provides a term loan of $40 million and a $25 million senior revolving credit facility and will be used to refinance existing debt.
“We are pleased with the successful execution of this refinancing and the substantial improvement in terms from our existing facility,” Michael Rossi, CFO of Harvard Bioscience, said. “Completing this element of our strategic action plan provides additional liquidity and flexibility to support the transformation of Harvard Bioscience into a profitable growth platform. Also, the reduction in interest rate achieved is expected to provide over $2 million of annual cash interest savings in 2021. The successful closing of this new credit facility following the disruptions caused by COVID-19 demonstrates the confidence lenders have in our current and long-term outlook.”
