MARAVAI LIFESCIENCES HOLDINGS, INC. 8-K

What Happened
Maravai LifeSciences Holdings, Inc. (via its subsidiaries Maravai Intermediate Holdings, LLC and Maravai Topco Holdings, LLC) announced on June 2, 2026 that it entered into a new Credit Agreement providing a $150.0 million term loan and a $30.0 million revolving credit facility. Proceeds from the term loan plus approximately $98.5 million of cash on hand were used to repay and terminate the Prior Credit Agreement dated October 19, 2020. The new facilities mature on June 2, 2032.

Key Details

• New financing: $150.0M term loan + $30.0M revolver; maturity June 2, 2032.
• Interest: Variable, Term SOFR-based + 5.00% margin, with a 0.25% stepdown if consolidated first‑lien net leverage ≤ 3.00x.
• Security/guarantee: Obligations unconditionally guaranteed by Topco and specified domestic subsidiaries and secured by liens on substantially all assets of loan-party domestic subsidiaries.
• Covenants & fees: Annual commitment fee of 0.50% on unused revolver; a financial covenant limits first‑lien net leverage to 6.50x when revolver usage is ≥ 40% of commitments; excess‑cash‑flow prepayment requirement applies after fiscal 2027 if leverage > 3.00x. Prior Credit Agreement was terminated upon full prepayment. A press release was issued June 3, 2026.

Why It Matters
This refinancing extends Maravai’s debt maturity to 2032 and provides a $30M revolving line for working capital flexibility, which affects the company’s liquidity and capital structure. It also increases ongoing interest sensitivity (SOFR + margin) and includes leverage-based covenants and potential excess-cash-flow prepayments that could constrain flexibility if leverage rises. Investors should note the use of roughly $98.5M of cash to refinance the prior facility, the secured/guaranteed nature of the debt, and the specific leverage thresholds that trigger pricing stepdowns or prepayment requirements.