BroadOak Partner Bill Snider to Join Board of Directors and Company to Form Advisory Board on Growth and Operating Opportunities
HOLLISTON, Mass., Dec. 17, 2025 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (NASDAQ:HBIO) (the "Company" or "Harvard Bioscience"), today announced it entered into an agreement with BroadOak Capital Partners (collectively, "BroadOak"), a life-sciences-focused investment and advisory firm, to provide a $40 million credit facility comprised of three term loans, all of which will be funded on December 17, 2025. The proceeds of the facility will be used to retire the Company's existing debt obligations and associated fees, and strengthen its balance sheet and capital structure.
Comprehensive Growth Financing Package
Term Loan A and Term Loan B are senior secured term loans providing aggregate gross proceeds of $32.5 million. Term Loan C is a $7.5 million senior secured term loan convertible into shares of the Company's common stock at $1.00 per share at BroadOak's option or automatically upon the satisfaction of certain conditions while the loans remain outstanding. All three loans mature on December 17, 2029 (the "Maturity Date"). Commencing December 31, 2027 (the "Amortization Date"), the Company is required to make quarterly principal amortization payments on the Term A Loan and Term B Loan. The Amortization Date and Maturity Date may be extended by one year if the Company achieves a certain adjusted EBITDA milestone. In connection with the transaction, BroadOak received warrants to purchase an aggregate of 2 million shares of the Company's common stock at a price per share of $0.50 and the right to nominate one member to the Company's board of directors while the loans remain outstanding.
"This financing package meets our objectives and is an important milestone for Harvard Bioscience that provides us with the stability and flexibility we need moving forward," said John Duke, CEO of Harvard Bioscience. "We appreciate the confidence and partnership of BroadOak and thank them for their support throughout this process. By successfully refinancing our near-term debt obligations and enhancing our liquidity profile we are positioned well to execute our ...
