Maravai LifeSciences Announces Debt Repricing
Maravai LifeSciences (NASDAQ: MRVI) announced a successful repricing of its existing credit facilities, expected to yield approximately $6.8 million in annual interest savings. This strategic move strengthens the company's financial foundation, driven by strong cash flows and recent ratings upgrades. The repricing will reduce annual cash interest expenses on term loans, while the maturity dates of the loans remain unchanged. The company's focus on providing life science reagents and services underlines its commitment to supporting biopharmaceutical and diagnostic advancements.
- Successful repricing of credit facilities expected to save approximately $6.8 million annually in interest expenses.
- Strengthened financial foundation due to strong cash flows and improved credit ratings.
- None.
Lowers Interest Rates on Current Debt to Provide Approximately
SAN DIEGO, Jan. 20, 2022 (GLOBE NEWSWIRE) -- Maravai LifeSciences Holdings, Inc. (Maravai) (NASDAQ: MRVI), a global provider of life science reagents and services to researchers and biotech innovators, today announced that it had successfully completed the repricing of its existing credit facilities.
“We are pleased to announce the completion of our debt repricing that further strengthens Maravai’s financial foundation and flexibility going forward,” said Kevin Herde, Maravai Executive Vice President and Chief Financial Officer. “Our outstanding operating performance, strong cash flows, and recent rating agency upgrades allowed us to reprice our current debt level at a meaningfully lower rate structure.”
The repricing is expected to reduce annual cash interest expense on the Company’s term loans by approximately
Morgan Stanley Senior Funding, Inc. acted as lead left arranger for the term loan repricing.
About Maravai
Maravai is a leading life sciences company providing critical products to enable the development of drug therapies, diagnostics, and novel vaccines and to support research on human diseases. Maravai’s companies are leaders in providing products and services in the fields of nucleic acid synthesis and biologic safety testing to many of the world's leading biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies.
For more information about Maravai LifeSciences, visit www.maravai.com.
Forward-looking Statements
This press release may contain "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release which are not strictly historical statements constitute forward-looking statements, including, without limitation, statements related to the strength of our financial foundation and flexibility, constitute forward-looking statements identified by words like “expect,” “may,” “anticipate,” or “could” and similar expressions. Such 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 continued validation of the safety and effectiveness of our technology, new scientific developments, competition from other products, and our reliance on a limited number of customers for a high percentage of our revenue. These and other risks and uncertainties are described in greater detail in the “Risk Factors” section of our most recent Annual Report on Form 10-K, as well as other documents on file with the U.S. Securities and Exchange Commission. Actual results may differ materially from those contemplated by these forward-looking statements, and therefore you should not rely upon them. These forward-looking statements reflect our current views and we do not undertake 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.
FAQ
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