11:01 AM EDT, 09/03/2024 (MT Newswires) -- Emergent Biosolutions ( EBS ) said Tuesday that it closed a new credit facility agreement with Oak Hill Advisors for a term loan of up to $250 million that was partially used to refinance debt.

The company said it used a portion of the term loan to repay outstanding amounts under its October 2018 senior term loan facility with a group of lenders that was set to mature in May 2025. The remaining proceeds from the new term loan, which will mature in August 2029, will serve as additional cash on its balance sheet, the company added.

Emergent also said it issued the lenders warrants to purchase 2.5 million common Emergent shares in connection with the new term loan. In addition, Emergent agreed to issue the lenders $10 million in shares, subject to certain limitations.

Shares of Emergent Biosolutions ( EBS ) were down more than 9% in recent trading.

Price: 7.53, Change: -0.78, Percent Change: -9.39