Bioventus Enters into an Amendment with its Credit Agreement Lenders to Enhance Financial and Operational Flexibility
19 January 2024 - 8:15AM
Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a
global leader in innovations for active healing, today announced
that it has entered into an Amendment No. 5 (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, July 11, 2022 and March 31, 2023 (the “Credit Agreement”).
Among other items, the Amendment provides for additional
financial covenant relief through the Third Quarter of 2025,
including the Company’s leverage maintenance covenant and interest
coverage ratio. The amended covenant levels are expected to 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 for all covenants by the Fourth Quarter of 2025.
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 1934, as amended. All statements
contained in this press release that do not relate to matters of
historical fact should be considered forward-looking statements,
including, without limitation, statements concerning our future
financial results and profitability; our business strategy,
position and operations; and expected growth. In some cases, you
can identify forward-looking statements by terminology such as
“aim,” “anticipate,” “assume,” “believe,” “contemplate,”
“continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,”
“may,” “objective,” “plan,” “predict,” “potential,” “positioned,”
“seek,” “should,” “target,” “will,” “would” and other similar
expressions that are predictions of or indicate future events and
future trends, or the negative of these terms or other comparable
terminology, although not all forward-looking statements contain
these words.
Forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified.
Factors that could cause our actual results to differ materially
from those contemplated in this press release include, but are not
limited to, our ability to meet certain of our debt covenants under
our Credit Agreement and the potential accelerated obligation to
repay indebtedness; our ability to secure additional funding, if
needed, on reasonable terms or at all; the risk that the material
weakness we previously identified or a new material risk could
adversely affect our ability to report our results of operations
and financial condition accurately and in a timely manner; we
might not be able to continue to fund our operations for at least
the next twelve months as a going concern; and the other risks
identified in our Annual Report on Form 10-K for the year ended
December 31, 2022, as updated by Bioventus' subsequent Quarterly
Report on Form 10-Q for the quarters ended April 1, 2023 and
September 30, 2023 and as may be further updated from time to time
in Bioventus’ other filings with the SEC, which are accessible on
the SEC’s website at www.sec.gov and the Investor Relations page of
Bioventus’ website at https://ir.bioventus.com. Except to the
extent required by law, the Company undertakes no obligation to
update or review any estimate, projection, or forward-looking
statement. Actual results may differ materially from those set
forth in the forward-looking statements.
Investor and Media Inquiries:Dave
Crawford919-474-6787Dave.Crawford@bioventus.com
Bioventus (NASDAQ:BVS)
Historical Stock Chart
From Apr 2024 to May 2024
Bioventus (NASDAQ:BVS)
Historical Stock Chart
From May 2023 to May 2024