| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
Alvotech (NASDAQ:ALVO, ALVO SDB, the "Company"))), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today announced that its lenders under the Company's existing senior secured term loan facility, including GoldenTree Asset Management (collectively, the "Lenders"), have agreed to reduce the rate of interest on its existing senior secured term loan facility (the "Facility"). The agreement will lower Alvotech's interest payments in the first 12 months by an estimated US$8.2 million. This is an outcome of Alvotech's sustained operational improvements and strengthened financial performance over the past year.
"Since last year, we have shown significant revenue growth, operating profits and positive adjusted EBITDA, and we expect to be able to fund future growth based on milestone and product revenue. Being able to reduce our cost of capital demonstrates great confidence, by a group of experienced healthcare investors, in Alvotech's leadership, our pipeline progress and prospects for near-term product launches." said Joel Morales, Chief Financial Officer of Alvotech.
The Facility was funded in July 2024 and matures in July 2029. It originally consisted of two tranches: a $900 million first-out term loan tranche (the "first tranche"), with an interest rate of SOFR plus 6.5% per annum, and a $65 million second-out term loan tranche (the "second tranche"), with an interest rate of SOFR plus 10.5% per annum. In conjunction with this transaction, certain of the Lenders have agreed to increase the first tranche to include the second tranche, creating one single tranche going forward, further simplifying Alvotech's capital structure. The interest rate for this Facility will be SOFR plus 6.0% per annum, and all interest will be payable in cash. Following this transaction, the balance of the Facility is approximately $1,081 million and the Company's cash balance was approximately $152 million, as of June 25, 2025.
Posted In: ALVO
