Maravai LifeSciences announces debt repricing
Lowers interest rates on current debt to provide approximately $6.8 million in annual interest savings
SAN DIEGO, Jan. 20, 2022 (GLOBE NEWSWIRE) — Maravai LifeSciences Holdings, Inc. (Maravai) (NASDAQ: MRVI), a global provider of life science reagents and services to biotechnology researchers and innovators, today announced that it has successfully completed the repricing of its existing credit facilities.
“We are delighted to announce the completion of our debt repricing which further strengthens Maravai’s financial footing and flexibility going forward,” said Kevin Herde, Executive Vice President and Chief Financial Officer of Maravai. “Our outstanding operating performance, strong cash flow and recent ratings agency upgrades have allowed us to reassess our current leverage at a significantly lower rate structure.”
The rate reset is expected to reduce annual interest expense on the Company’s term loans by approximately $6.8 million annually while outstanding, compared to the previous interest rate. The Term Loan Maturity Date of October 2027, the Revolving Maturity Date of October 2025 and all other material terms of the Credit Agreement remain unchanged.
Morgan Stanley Senior Funding, Inc. acted as lead left arranger for the term loan repricing.
Maravai is a leading life sciences company that provides essential products to enable the development of drug therapies, diagnostics and new vaccines and to support research into human diseases. Maravai’s companies are leaders in providing products and services in the areas of nucleic acid synthesis and biosafety testing to many of the world’s largest biopharmaceuticals, vaccines , diagnostics and cell and gene therapy.
For more information about Maravai LifeSciences, visit www.maravai.com.
This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements contained in this press release that are not strictly forward-looking statements statements constitute forward-looking statements. , including without limitation statements relating to the strength of our capital base and our flexibility, constitute forward-looking statements identified by words such as “expect”, “may”, “anticipate” or “could” and similar expressions. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, risks and uncertainties related to the continued validation of the safety and effectiveness of our technology, new scientific developments, competition from other products and our dependence on a limited number of customers for a large percentage of our revenues. These and other risks and uncertainties are described in more detail in the “Risk Factors” section of our most recent Annual Report on Form 10-K, as well as in other filings with the Securities and Exchange Commission. the United States. Actual results may differ materially from those contemplated by these forward-looking statements and, accordingly, you should not rely on them. These forward-looking statements reflect our current views, and we undertake no obligation to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date hereof, except as required by law. requires it.
CONTACT: Contact Information: Media Contact: Sara Michelmore MacDougall Advisors +1 781-235-3060 [email protected] Investor Contact: Deb Hart Maravai LifeSciences + 1 858-988-5917 [email protected]