Why Lifecore Biomedical (LFCR) Shares Are Skyrocketing Today - Lifecore Biomedical (NASDAQ:LFCR)

Lifecore Biomedical Inc LFCR has entered into a broad set of agreements with its long-term customer, Alcon AG ALC, providing for the repayment of the company's existing credit agreement with its current lenders.
Under the terms of the lending and equipment sale and leaseback arrangements, Alcon has provided total commitments of $150.0 million.
It includes a six-year senior secured term facility and a sale leaseback of certain HA fermentation equipment.
The term facility bears interest at the rate of 10%, which is payable in kind (PIK) for the first three years, and payable 3% in cash interest and 7% PIK interest thereafter until maturity.
Concurrently with this arrangement, the company and current lender BMO entered into an amendment to the ABL revolving credit facility, which, among other things, contains waivers for current defaults.
In addition, the Amended and Restated Supply Agreement with Alcon extends the term through December 31, 2033.
It increases the amount of hyaluronic acid (HA) that Lifecore is expected to supply for use in Alcon's commercial products.
Price Action: LFCR shares are trading higher by 60% at $8.58 on the last check Tuesday.

Why Lifecore Biomedical Shares Are Skyrocketing Today