Harvard Bioscience Announces the Successful Completion of Debt Refinancing with Comprehensive Growth Financing Package

Rhea-AI Summary

Harvard Bioscience (NASDAQ: HBIO) completed a refinancing and secured a $40.0 million credit facility from BroadOak on Dec 17, 2025 to repay existing debt, strengthen liquidity and extend maturities.

The package includes Term Loan A & B totaling $32.5M, and Term Loan C of $7.5M convertible at $1.00 per share; all loans mature on Dec 17, 2029. Quarterly amortization begins Dec 31, 2027. BroadOak received warrants for 2.0M shares at $0.50 and a board nomination; Bill Snider joined the board effective Dec 17, 2025.

Positive

• $40.0M credit facility secured on Dec 17, 2025
• Term Loan A/B aggregate proceeds of $32.5M
• Term Loan C of $7.5M convertible at $1.00
• Loan maturities extended to Dec 17, 2029
• BroadOak nominated Bill Snider to board effective Dec 17, 2025

Negative

• Convertible Term Loan C may convert at $1.00 per share
• BroadOak warrants for 2.0M shares at $0.50
• Quarterly principal amortization begins Dec 31, 2027

Key Figures

Credit facility size $40 million Total BroadOak credit facility announced Dec 17, 2025

Term Loan A+B proceeds $32.5 million Aggregate gross proceeds from senior secured Term Loans A and B

Term Loan C size $7.5 million Senior secured term loan convertible into common stock

Conversion price $1.00 per share Term Loan C convertible into common stock at this price

Warrants granted 2,000,000 shares at $0.50 Warrants issued to BroadOak to purchase common stock

Loan maturity Dec 17, 2029 Maturity date for all three BroadOak term loans

Amortization start Dec 31, 2027 Quarterly principal payments begin on Term Loans A and B

Pre-news share price $0.70 Latest close vs 52-week range $0.2813–$2.30

Market Reality Check

$0.7208 Last Close

Volume Volume 626,170 is below the 20-day average of 876,544 ahead of this refinancing news. normal

Technical Price at $0.70 is trading above the 200-day MA of $0.50 but still well below the $2.30 52-week high.

Peers on Argus

Peers show mixed moves: BNGO +1.95%, NXGL +3.14%, POCI +1.94%, MHUA -27.18%, while HBIO traded slightly lower by -0.46% pre-news, suggesting stock-specific dynamics.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 06	Q3 2025 earnings	Negative	-7.3%	Soft demand, net loss, liquidity pressures and refinancing plans highlighted.
Oct 30	Earnings call notice	Neutral	+41.1%	Scheduled Q3 results release and investor conference call details.
Sep 16	Distribution expansion	Positive	+10.3%	Expanded Fisher Scientific deal to U.S., broadening product distribution reach.
Sep 09	Board appointment	Neutral	-3.8%	New director with 30 years’ healthcare experience joined the board.
Aug 11	Q2 2025 earnings	Negative	-9.3%	Revenue decline, large impairment, covenant pressure and going concern language.

Pattern Detected

Earnings and balance-sheet updates have often seen negative reactions, while strategic partnerships or event-related news have triggered strong positive moves.

Recent Company History

Over the last few months, Harvard Bioscience reported Q2 and Q3 2025 results with revenue around $20–21M, non‑cash goodwill impairments of about $48M, and covenant pressure on roughly $34M of debt. Management repeatedly highlighted the need to refinance its credit agreement by December 2025. The Fisher Scientific U.S. distribution expansion and the October earnings call announcement drew strong positive price reactions, framing today’s refinancing as a follow‑through on earlier stated balance sheet objectives.

Market Pulse Summary

The stock surged +12.4% in the session following this news. A strong positive reaction aligns with the article’s focus on shoring up Harvard Bioscience’s balance sheet. The new $40 million BroadOak credit facility refinances existing obligations, extends maturities to Dec 17, 2029, and adds a convertible $7.5 million tranche plus advisory support. Investors should also weigh potential dilution from 2,000,000 warrants at $0.50 and conversion at $1.00 when assessing how sustainable any sharp move might be.

Key Terms

credit facility financial

"to provide a $40 million credit facility comprised of three term loans"

A credit facility is a flexible loan arrangement that allows a borrower to access funds up to a set limit whenever needed, similar to a company having an overdraft option on a bank account. It matters to investors because it indicates how easily a business can secure cash when required, affecting its ability to manage expenses, invest, or respond to financial challenges.

senior secured term loan financial

"Term Loan A and Term Loan B are senior secured term loans providing"

A senior secured term loan is a type of borrowing where a company borrows money and promises to pay it back over a fixed period, with the loan secured by the company's assets as collateral. Because it is "senior," it has priority over other debts if the company faces financial trouble, and being "secured" means lenders have a claim on specific assets. For investors, this makes the loan a safer and more predictable investment compared to unsecured or subordinate debts.

convertible financial

"Term Loan C is a $7.5 million senior secured term loan convertible into"

A convertible is a type of investment that starts as a loan or preferred stake (like a bond or preferred share) but can be exchanged for common shares of the company at a set price or under certain conditions. It matters to investors because it offers a mix of steady income and downside protection like a loan, plus the upside of stock ownership if the company does well—similar to holding a coupon that you can trade for a full ticket if the event becomes valuable.

warrants financial

"BroadOak received warrants to purchase an aggregate of 2 million shares"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

board of directors technical

"Bill Snider ... joined the Company’s board of directors as a member of Class III"

The Board of Directors is a group of people chosen by a company's owners to help make big decisions and oversee how the company is run. They act like a team of advisors or managers, making sure the company stays on track and meets its goals. Their choices can influence the company's success and how it grows.

Current Report on Form 8-K regulatory

"filed a Current Report on Form 8-K with the U.S. Securities and Exchange"

A current report on Form 8-K is a document that publicly traded companies file to promptly share important news or events that could affect their financial position or stock price, such as major business changes or legal issues. It helps investors stay informed about timely developments, allowing them to make better decisions about buying or selling shares.

AI-generated analysis. Not financial advice.

• Completes Repayment of Existing Credit Agreement, Extends Debt Maturity, and Enhances Financial Flexibility
• 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 strategic priorities and drive long-term value.”

Board of Directors Update and Advisory Board

Pursuant to BroadOak’s director nomination right, effective December 17, 2025, Bill Snider, Partner at BroadOak, joined the Company’s board of directors as a member of Class III of the board and as a member of the compensation committee. Mr. Snider leads BroadOak’s growth capital investing activities and has more than 30 years of institutional investment experience as well as extensive expertise in life science tools. Prior to BroadOak, he was a general partner and co-founder of Emerging Technology Partners, LLC (“ETP”), a life science focused venture capital firm. Prior to ETP, he was a vice president and portfolio manager at T. Rowe Price. Mr. Snider has been a director of many life sciences research tools companies and is actively involved in the investment community.

The Company will also establish a Product, Operations, and Scientific Advisory Board that will consist of the Chief Executive Officer, two individuals appointed by the Company’s board of directors and two individuals appointed by BroadOak, to advise on commercial and application opportunities, product line planning and life cycle management, manufacturing, supply chain and procurement, and opportunities to enhance commercial performance.

“I have known Harvard Bioscience for many years and believe that with this financing and the recent organizational improvements, it is stronger than ever,” said Bill Snider, Partner at BroadOak. “In addition, the Company’s preclinical and translational research platforms are well positioned regarding the new approach methodologies roadmaps being implemented by FDA and other regulators. I am excited to be joining the board and look forward to partnering with and supporting the team as they establish a leadership position in these emerging initiatives.”

“We heartily welcome Bill Snider to Harvard Bioscience’s board of directors,” said Katherine Eade, Lead Independent Director. “Bill’s invaluable experience and expertise and his confidence in the Company strengthen us and our resolve to drive significant value creation for Harvard Bioscience’s shareholders.”

Guggenheim Securities served as lead financial advisor to Harvard Bioscience in connection with the transaction. Covington & Burling LLP acted as legal advisor to Harvard Bioscience, and Cooley LLP acted as legal advisor to BroadOak.

The Company has also filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission containing additional details regarding the final terms of the transaction.

About Harvard Bioscience

Harvard Bioscience, Inc. is a leading developer, manufacturer and seller of technologies, products and services that enable fundamental advances in life science applications, including research, drug and therapy discovery, bio-production and preclinical testing for pharmaceutical and therapy development. Our customers range from renowned academic institutions and government laboratories to the world’s leading pharmaceutical, biotechnology and contract research organizations. With operations in the United States, Europe, and China, we sell through a combination of direct and distribution channels to customers around the world.

For more information, please visit our website at www.harvardbioscience.com.

About BroadOak Capital Partners

BroadOak Capital Partners is a life-sciences-focused boutique financial institution providing direct investment and investment banking services to companies in research tools and consumables, diagnostics, and biopharma services. BroadOak has completed over 75 investments and has advised on more than 50 M&A transactions. In October 2025, the firm added over $200 million of permanent capital to further supplement its investment platform.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend,” “believe” and similar expressions or statements that do not relate to historical matters. Forward-looking statements include, but are not limited to, statements concerning the sustainability of the Company’s capital structure, its lower near-term refinancing risk and path toward long-term deleveraging, expected future financial and operational performance, the strength of the Company’s market position, business model and anticipated macroeconomic conditions, and matters relating to our ability to continue as a going concern, fund our operations, or comply with the terms of our credit agreement. Forward-looking statements do not guarantee future performance and involve known and unknown uncertainties, risks, assumptions, and contingencies, many of which are outside the Company’s control. Risks and other factors that could cause the Company’s actual results to differ materially from those described in its forward-looking statements include those described in the “Risk Factors” section of the Company’s most recently filed Annual Report on Form 10-K and the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 as filed with the Securities and Exchange Commission (“SEC”), as well as in the Company’s other filings with the SEC. Forward-looking statements are based on the Company’s expectations and assumptions as of the date of this document. Except as required by law, the Company assumes no obligation to update forward-looking statements to reflect any change in expectations, even as new information becomes available.

Harvard Bioscience Investor Inquiries:

Mark Frost
Interim Chief Financial Officer
(508) 893-3120
investors@harvardbioscience.com

FAQ

What is the size and purpose of Harvard Bioscience's Dec 17, 2025 financing (HBIO)?

Harvard Bioscience secured a $40.0M credit facility on Dec 17, 2025 to repay existing debt and strengthen its balance sheet.

What are the terms and maturity for HBIO's new loans?

The facility includes Term Loans A/B totaling $32.5M and Term Loan C of $7.5M, all maturing on Dec 17, 2029.

Will BroadOak receive equity or board rights in the HBIO deal?

Yes; BroadOak received warrants for 2.0M shares at $0.50 and the right to nominate one board member.

What conversion features affect HBIO shareholders from the Dec 17, 2025 financing?

Term Loan C is convertible into common stock at $1.00 per share at BroadOak's option or upon certain conditions.

When does Harvard Bioscience begin amortizing principal on the new loans (HBIO)?

Quarterly principal amortization for Term Loans A and B begins on Dec 31, 2027.

Who joined the Harvard Bioscience board after the BroadOak transaction (HBIO)?

Bill Snider, Partner at BroadOak, joined Harvard Bioscience's board as a Class III director and compensation committee member effective Dec 17, 2025.