1. Harvard Bioscience secured a $40 million credit facility from BroadOak. 2. The facility will refinance existing debt and bolster financial stability. 3. Bill Snider from BroadOak joins Harvard Bioscience's board. 4. A new advisory board is established for commercial and operational growth. 5. The financing positions Harvard Bioscience for future strategic priorities.
FAQ
Why Bullish?
Securing financing improves liquidity and reduces debt risk, favoring HBIO's growth potential.
How important is it?
The financing deal significantly enhances HBIO's capital structure, reflecting direct support for operational needs.
Why Long Term?
Strengthening financial health and adding expertise on the board foster sustainable growth over time.
Harvard Bioscience (Nasdaq: HBIO) Completes Debt Refinancing with Growth Financing Package
Harvard Bioscience, Inc. (Nasdaq: HBIO), a leader in life science tools and technologies, announced on December 17, 2025, the successful completion of a $40 million credit facility agreement with BroadOak Capital Partners. This strategic move aims to refinance existing debt, enhance financial flexibility, and solidify the company's balance sheet.
Details of the Financing Agreement
The financing consists of three term loans, with Term Loan A and Term Loan B providing combined gross proceeds of $32.5 million. Additionally, Term Loan C is a $7.5 million convertible loan, which can be converted into shares at a price of $1.00 per share at BroadOak’s discretion. All loans are set to mature on December 17, 2029.
Starting December 31, 2027, the company will be required to make quarterly principal amortization payments on Term Loans A and B. An extension of the maturity date is possible, contingent on achieving certain adjusted EBITDA milestones. BroadOak also received warrants for 2 million shares at a price of $0.50 each.
Implications for Harvard Bioscience
John Duke, CEO of Harvard Bioscience, emphasized the importance of this financing package, citing it as a critical milestone that will bolster the company's strategic objectives. “We appreciate the confidence and partnership of BroadOak. This refinancing not only alleviates our near-term debt obligations but also enhances our liquidity profile,” Duke stated.
Board of Directors Update
As part of the agreement, Bill Snider from BroadOak has joined Harvard Bioscience's board of directors, adding his extensive investment experience within the life sciences sector. His appointment is effective from December 17, 2025.
“I believe that with this financing and the recent organizational improvements, Harvard Bioscience is stronger than ever,” Snider commented. The company is also forming an Advisory Board to oversee growth and operational opportunities, consisting of members from both the board and BroadOak.
Future Outlook and Strategic Focus
Additionally, Harvard Bioscience is committed to leveraging its enhanced financial position to execute strategic priorities. The establishment of the Advisory Board will provide critical insights into product line planning and lifecycle management in alignment with regulatory changes.
Katherine Eade, Lead Independent Director, welcomed Snider to the board, stating that his expertise will support the company's mission to create long-term value for shareholders.
Advisors Involved in the Transaction
Guggenheim Securities served as the lead financial advisor, while Covington & Burling LLP and Cooley LLP provided legal counsel to Harvard Bioscience and BroadOak, respectively.
About Harvard Bioscience
Harvard Bioscience, Inc. delivers advanced technologies and solutions that facilitate significant progress in life sciences research and development. The company serves a diverse client base, including academic institutions, government labs, and leading pharmaceutical organizations across the globe.
About BroadOak Capital Partners
BroadOak Capital Partners specializes in investments within the life sciences sector, providing financial investment and advisory services to research tools and biopharma services companies. The firm has completed over 75 investments and advised on more than 50 M&A transactions.
Forward-Looking Statements
Forward-looking statements are contained within this release, subject to risks and uncertainties that may impact actual results. These statements are intended to provide insight into the company's future but are not guarantees of performance.