Elanco Animal Health (NYSE: ELAN) stock jumped in pre-market trading Friday after extending its credit facility maturity to 2029.
Elanco Animal Health has amended its credit agreement, extending the maturity date of its senior secured first lien revolving credit facility. Effective July 3, 2024, the amendment pushes the due date from August 1, 2025, to July 3, 2029.
The amendment, labeled Amendment No. 2 to the Credit Agreement, allows Elanco Animal Health greater flexibility in managing its capital structure and financial obligations. This extension is contingent upon specific conditions related to the company’s long-term indebtedness, triggering an earlier maturity if the principal amount of such debt reaches or exceeds $400 million.
Alongside the extension, Elanco has adjusted certain covenants and terms within the agreement. These modifications are detailed in the Amendment No. 2 filing with the SEC, providing comprehensive insight into the updated terms of Elanco’s Credit Agreement.
Elanco Animal Health (NYSE: ELAN) Stock Price Action
As of 04:00 a.m. (Eastern Time) Thursday, ELAN stock traded at $14.97, marking a 5.94% increase compared to the previous trading session.
