Maravai LifeSciences Executes Refinancing, Looks to Continue Expansion
SAN DIEGO (August 7, 2018) – Maravai LifeSciences, a leader in providing reagents to researchers, biotherapeutics manufacturers and OEM partners worldwide, announced today that it has completed a new debt financing that was enabled by the company’s strong historical financial performance. In addition to refinancing Maravai’s existing debt at a lower interest rate, the new issuance also provides Maravai access to an additional $50 million of capital to support future growth investments in the company’s three key life science segments- bioprocess impurity testing, oligonucleotide synthesis and protein detection.
“We are very pleased with the terms of this debt refinancing, which was completed with the expertise of J.P. Morgan, Antares Capital and Carlyle Global Credit, coupled with the ongoing support of GTCR, our lead equity partner,” said Carl Hull, Maravai’s CEO. “This new debt structure provides us increased financial flexibility to execute our growth strategy while also lowering our overall weighted cost of capital.”
J.P. Morgan acted as lead arranger along with Antares Capital and Carlyle Global Credit as joint arrangers.
About Maravai LifeSciences
Maravai LifeSciences companies provide reagents and services to life science researchers and commercial partners to enable breakthrough discoveries and improvements in human health. Maravai’s products are used broadly by academic researchers investigating cancer and other diseases, firms developing new genetic therapies, biopharmaceutical partners validating and monitoring manufacturing processes and by OEM partners who incorporate Maravai offerings into their own products. The Maravai portfolio focuses on bioprocess impurity testing, oligonucleotide synthesis, and protein detection. Maravai is a portfolio company of GTCR, a leading private equity firm focused on investing in growth companies in financial services, technology and information services, and healthcare.
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Contacts for the media:
David Weber, Chief Commercial Officer