Innoviva makes partial $120 million prepayment on term loans

By Sarah Lizee

Olympia, Wash., Feb. 28 – Innoviva, Inc. made a partial prepayment of $120 million on its outstanding senior secured first-lien term loans under its credit agreement dated Aug. 18, 2017 on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

Morgan Stanley Senior Funding, Inc. is the administrative agent and collateral agent.

Innoviva said the prepayment is expected to reduce its near-term cash interest expense and leverage ratio and was not subject to any prepayment premium or penalty.

As of Dec. 31, the outstanding principal under the term loans was $243.7 million.

Innoviva is a Brisbane, Calif.-based biopharmaceutical company.

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