Maravai LifeSciences Holdings has announced that certain of its subsidiaries have entered into a new credit agreement providing a $150 million term loan facility and a $30 million revolving credit facility. Borrowings under the new term loan, combined with approximately $98.5 million of cash on hand, were used to prepay all outstanding borrowings under the company’s prior credit agreement, which had been due in October 2027.
The refinancing reduces Maravai’s long-term debt from approximately $242.9 million in aggregate outstanding principal to $150 million, a reduction of nearly $93 million. The transaction simultaneously extends the term loan maturity date to June 2032 while preserving access to additional liquidity through the new revolving credit facility. The move transitions the company to what it described as a more flexible credit structure, strengthening its financial foundation ahead of its next phase of strategic growth.
San Diego-based Maravai is a leading life sciences company providing critical products that enable the development of drug therapies, diagnostics, novel vaccines, and research on human diseases. The company’s businesses are leaders in nucleic acid synthesis and biologics safety testing, serving many of the world’s leading biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies globally. The refinancing comes as the company looks to preserve capital access to support its strategic priorities and future growth initiatives across these core markets.
Additional details regarding the refinancing transaction are available in the company’s filings with the U.S. Securities and Exchange Commission.
KEY QUOTES:
“This refinancing is a sign of our financial strength and positions the Company for long-term success. By materially reducing debt, extending our maturity and transitioning to a more flexible credit structure, we are strengthening our financial foundation while preserving access to capital to support our strategic priorities and future growth initiatives.”
Raj Asarpota, Chief Financial Officer, Maravai LifeSciences
