BVS - Bioventus amends its lenders credit agreement for financial and operational flexibility
2023-03-31 09:17:00 ET
- Bioventus ( NASDAQ: BVS ) entered into an amendment to the credit and guaranty agreement, between the company, Wells Fargo Bank, National Association as Administrative Agent and Collateral Agent, and the lenders from time to time party thereto, dated as of Dec.6, 2019 and as amended on Aug.29, 2021, Oct.29, 2021 and July 11, 2022.
- Among other items, the amendment provides for financial covenant relief through Q1 of 2024, including relief up to a total net leverage ratio of ~7.2x consolidated adj. EBITDA.
- The amended covenant levels will provide the company with greater financial and operational flexibility relative to its operating plan in order to execute on key growth initiatives and enhance profitability.
- Financial covenant thresholds will revert to existing levels under the credit agreement in Q2 of 2024.
- Also, now the company's revolving credit facility will mature on Oct. 29, 2025, while revolving credit commitments will be reduced to $45M by Dec. 31, 2023, and subsequently to $40M by June 30, 2024.
For further details see:
Bioventus amends its lenders credit agreement for financial and operational flexibility