05:02 AM EDT, 06/26/2025 (MT Newswires) -- Alvotech ( ALVO ) said Thursday that its lenders have agreed to lower the interest rate of its senior secured term loan facility, reducing the company's interest payments by about $8.2 million in the first 12 months.

The facility, funded in 2024 and matures in 2029, originally consisted of a $900 million first-out term loan tranche, with an interest rate of SOFR plus 6.5% per year, and a $65 million second-out term loan tranche, with an interest rate of SOFR plus 10.5% per year, the company said.

The lenders, including GoldenTree Asset Management, have now agreed to combine the two tranches into a single one with a rate of SOFR plus 6.0% per year, the company said.