Company: PCRX
Filing Date: 2025-07-07
Form Type: 8-K
Source: 0001104659-25-065979
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Company: Pacira BioSciences, Inc.
Filing Date: 2025-07-07
Form: 8-K
Item: Item 1.01
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Item 1.01. Entry into a Material Definitive Agreement.

On July 3, 2025, Pacira BioSciences, Inc. (the
“ Company”) entered into a credit agreement (the “ Credit Agreement”) with Wells Fargo Bank, National Association,
as administrative agent, swingline lender and an issuing bank, and certain lenders, to, among other things, refinance the indebtedness
outstanding under the Company’s credit agreement, dated as of March 31, 2023, as amended to date, relating to the Company’s
term loan A facility (the “ Existing Credit Agreement”), and provide ongoing working capital.

The Credit Agreement provides for a senior secured
revolving credit facility in an aggregate commitment amount of $300.0 million, with a letter of credit sublimit of $10.0 million and swingline
loan sublimit of $15.0 million. The credit facility is secured by substantially all of the Company’s and each subsidiary guarantor’s
assets and is scheduled to mature on July 3, 2030, subject to certain exceptions set forth in the Credit Agreement. Subject to certain
conditions, the Company may, at any time, on one or more occasions, add one or more new classes of term facilities and/or increase the
principal amount of any existing class of term loans by requesting one or more incremental term facilities in an aggregate principal amount
not to exceed the greater of $225.0 million and 100% of Consolidated EBITDA (as defined in the Credit Agreement).

Each revolving loan borrowing which is an alternate
base rate borrowing will bear interest at a rate per annum equal to (i) a base rate, plus (ii) a spread based on the Company’s Senior
Secured Net Leverage Ratio (as defined in the Credit Agreement) ranging from 1.50% to 2.25%. Each revolving loan borrowing which is a
term benchmark borrowing or daily simple SOFR borrowing will bear interest at a rate per annum equal to (i) a forward-looking term rate
based on SOFR or a rate determined by reference to the daily simple SOFR, plus (ii) a spread based on the Company’s Senior Secured
Net Leverage Ratio ranging from 2.50% to 3.25%.

The Credit Agreement also contains customary affirmative
and negative covenants, financial covenants, representations and warranties, events of default and other provisions.

The foregoing summary of the Credit Agreement
does not purport