Maravai LifeSciences Holdings Inc. (NASDAQ: MRVI) announced that its subsidiaries entered into a new credit agreement providing a $150 million term loan facility and a $30 million revolving credit facility.

The company used borrowings from the new term loan facility and approximately $98.5 million of cash on hand to prepay outstanding borrowings under its previous credit agreement that was due in October 2027.

The refinancing reduces Maravai's long-term debt from approximately $242.9 million in outstanding principal to $150.0 million in outstanding principal. The new term loan extends the maturity date to June 2032 while maintaining access to additional liquidity through the revolving credit facility.

"This refinancing is a sign of our financial strength and positions the Company for long-term success," said Raj Asarpota, Chief Financial Officer of Maravai LifeSciences. "By materially reducing debt, extending our maturity and transitioning to a more flexible credit structure, we are strengthening our financial foundation while preserving access to capital to support our strategic priorities and future growth initiatives."

The San Diego-based company provides life science reagents and services to researchers and biotech companies. Maravai operates in nucleic acid synthesis and biologics safety testing, serving biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies.

Additional details regarding the refinancing transaction are available in the company's filings with the U.S. Securities and Exchange Commission, according to the press release statement.