aibioMaravai LifeSciences signs $150.0 million term loan and $30.0 million revolver
Tickers MRVI
A new credit agreement refinances a 2020 facility, with BSP Agency, LLC as administrative and collateral agent.
Key facts
- Company
- MARAVAI LIFESCIENCES HOLDINGS, INC. (NASDAQ: MRVI)
- News type
- Debt Financing
- Primary source
- MARAVAI LIFESCIENCES HOLDINGS, INC. 8-K (2026-06-03)
What was signed
On June 2, 2026, Maravai Intermediate Holdings, LLC, the borrower, and Maravai Topco Holdings, LLC, both consolidated subsidiaries controlled by Maravai LifeSciences Holdings, Inc. (Nasdaq: MRVI), entered into a credit agreement with certain lenders and issuing banks. BSP Agency, LLC acts as administrative agent and collateral agent. The Form 8-K does not name the lenders or issuing banks, only that they are parties to the agreement. It names no underwriter, placement agent, counsel or financial advisor.
The agreement provides a $150.0 million term loan and a $30.0 million revolving credit facility. Both mature on June 2, 2032. The revolver lets the borrower repay and borrow from time to time until then. Maravai's chief financial officer, Rajesh Asarpota, signed the 8-K on June 3, 2026, the day the company issued a press release announcing the refinancing.
Cost and security
Borrowings bear interest at a variable rate based on Term SOFR plus a margin of 5.00% per annum. A 0.25% step-down applies for any period in which the consolidated first lien net leverage ratio is equal to or less than 3.00 to 1.00. The revolver carries a commitment fee of 0.50% per annum on the daily unused amount. Interest is paid quarterly in arrears on ABR loans and at the end of each interest period on Term SOFR loans.
Topco unconditionally guarantees the borrowings, along with its existing and future material domestic subsidiaries, subject to exceptions. The debt is secured by a lien on substantially all assets, subject to exceptions, of Topco's material domestic subsidiaries that are loan parties.
The borrower can prepay at any time. It must also repay the term loan and revolver with the proceeds of certain events, such as new debt and certain asset sales. After the fiscal year ending December 31, 2027, it must prepay the term loan with a percentage of annual excess cash flow if the first lien net leverage ratio exceeds 3.00 to 1.00. The remaining principal is due June 2, 2032.
Covenants
One financial covenant applies. If, at the end of any fiscal quarter, letters of credit and revolver borrowings (excluding undrawn letters of credit) are equal to or greater than 40.0% of revolver commitments, the first lien net leverage ratio may not be greater than 6.50 to 1.00. The ratio divides first lien debt, net of cash and cash equivalents of up to $10.0 million, by Consolidated EBITDA over the preceding four fiscal quarters.
Other covenants restrict the borrower and the other loan parties from incurring or prepaying certain debt, paying dividends, disposing of assets, merging, making acquisitions or investments, and changing the nature of the business. Events of default include nonpayment, covenant violations, insolvency, court-ordered judgments and certain changes of control.
What it replaced
Proceeds of the new term loan, together with approximately $98.5 million of cash on hand, prepaid in full and terminated the prior credit agreement dated October 19, 2020. That agreement was among the borrower, Cygnus Technologies, LLC, TriLink Biotechnologies, LLC, Topco and Morgan Stanley Senior Funding, Inc. The 8-K does not state how much was outstanding under it. The cash came from the company's own balance.
The financial backdrop
Maravai's most recent annual figures show a business that has shrunk. For fiscal 2025, the company reported revenue of $185.7 million, down from $259.2 million in 2024. It reported a net loss of $130.8 million for 2025, against a net loss of $144.8 million the year before. It used $57.6 million in operations in 2025, after operations provided $7.5 million in 2024. Research and development expense was $17.4 million, compared with $19.2 million. At the end of 2024, cash and cash equivalents were $322.4 million.
The 8-K does not explain why the company chose to refinance now, and it gives no figures for interest cost savings.