Harvard Bioscience completed the repayment of its existing credit agreement and enhanced its financial flexibility through a $40 million credit facility provided by BroadOak Capital Partners.
The comprehensive growth financing package included three term loans, with Term Loan A and Term Loan B providing aggregate gross proceeds of $32.5 million and Term Loan C of $7.5 million convertible into shares of the Company's common stock.
The financing package allowed Harvard Bioscience to retire near-term debt obligations, strengthen its balance sheet, and position itself well for future strategic priorities.
Debt Refinancing Success
The $40 million credit facility from BroadOak Capital Partners enabled Harvard Bioscience to repay existing debt, enhancing its financial stability and flexibility.
Comprehensive Growth Financing
The agreement included three term loans, with Term Loan C convertible into shares, maturing on December 17, 2029, providing long-term strategic benefits.
New Board Member and Advisory Board
Bill Snider from BroadOak Capital Partners joined Harvard Bioscience's board, bringing extensive life science investment experience. The Company also announced the formation of a Product, Operations, and Scientific Advisory Board.
- The debt refinancing and growth financing will strengthen Harvard Bioscience's financial position, providing stability and flexibility for executing strategic priorities.
- The addition of Bill Snider to the board and the establishment of the Advisory Board will bring valuable expertise to drive commercial performance and enhance leadership in emerging initiatives.
With the successful completion of the debt refinancing and growth financing, Harvard Bioscience is well-positioned to create long-term value, supported by a strengthened balance sheet and strategic partnerships.