Kewaunee Scientific, a company in the design, manufacture and installation of laboratory, healthcare and technical furniture products, completed its debt refinancing and repayment of its seller notes.
On Dec. 4, 2025, Kewaunee Scientific repaid in full and ahead of schedule its seller notes, entered into Nov. 1, 2024, in connection with the company’s acquisition of Nu Aire. The seller notes had an original outstanding principal balance of $23 million and were set to mature on Nov. 1, 2027.
This repayment was partially funded by an amendment the company entered into with PNC Bank on Dec. 4, 2025, related to the loan agreement, dated Nov. 1, 2024, between the company and PNC. This amendment, among other things:
- Permitted the company to repay in full the outstanding principal balances of the seller notes
- Provided for an additional $10 million term loan to be used to partially fund the repayment of the seller notes
- Permitted the company to draw and use available funds under its active revolving line of credit established by the Nov. 1, 2024 loan agreement to partially fund the repayment of the seller notes
With the successful execution of these transactions, the company has lowered its overall debt load, reduced the effective interest rate on its debt portfolio and materially reduced its expected future interest expense.
