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Bioventus Enters into an Amendment with its Credit Agreement Lenders to Enhance Financial and Operational Flexibility
DURHAM, N.C., March 31, 2023 (GLOBE NEWSWIRE) -- Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active
About this update from Bioventus Inc.
[{"type":"text","content":"DURHAM, N.C., March 31, 2023 (GLOBE NEWSWIRE) -- Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active healing, announced today that it has entered into an Amendment No. 4 (the “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 December 6, 2019 and as amended on August 29, 2021, October 29, 2021 and July 11, 2022 (the “Credit Agreement”). Among other items, the Amendment provides for financial covenant relief through the First Quarter of 2024, including relief up to a total net leverage ratio of approximately 7.2x Consolidated Adjusted 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 the second quarter of 2024. Under the Amendment, the Company’s Revolving Credit Facility will mature on October 29, 2025, while revolving credit commitments will be reduced to $45 million by December 31, 2023, and subsequently to $40 million by June 30, 2024. Additionally, following the Amendment the interest rate for outstanding indebtedness is SOFR + 4.25% (subject to adjustment based on a leverage-based pricing grid). About BioventusBioventus delivers clinically proven, cost-effective products that help people heal quickly and safely. Its mission is to make a difference by helping patients resume and enjoy active lives. The Innovations for Active Healing from Bioventus include offerings for Pain Treatments, Restorative Therapies and Surgical Solutions. Built on a commitment to high quality standards, evidence-based medicine and strong ethical behavior, Bioventus is a trusted partner for physicians worldwide. For more information, visit www.bioventus.com and follow the Company on LinkedIn and Twitter. Bioventus and the Bioventus logo are registered trademarks of Bioventus LLC. Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1...