Innoviva makes partial prepayment of $110 million on term loan B

By Sarah Lizee

Olympia, Wash., Aug. 2 – Innoviva, Inc. made a partial prepayment of $110 million on the principal amount outstanding under its outstanding senior secured first-lien term loan B on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The term loan B is under the company’s credit agreement dated as of Aug. 18, 2017 with Morgan Stanley Senior Funding, Inc. as administrative agent and collateral agent.

The prepayment is expected to reduce the company’s near-term cash interest expense and leverage ratio and was not subject to any prepayment premium or penalty, the filing noted.

Following the repayment, the outstanding principal balance of the term loan B is $13.8 million.

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

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