Press Release

Covis Announces Signing of Support Agreements With Its Lenders and Equity Sponsors,
Leading to a Material Strengthening of Its Financial Position,
Including the Elimination of ~$450 Million of Debt

– Support Agreement signed by approximately 95% of First Lien Lenders and 100% of Second Lien Lenders

– These actions will significantly improve the Company’s balance sheet as well as liquidity

– Equity Sponsors will remain the majority shareholder in Covis

– Covis operationally and financially in a position to scale its business organically and inorganically

Zug, Switzerland, April 03, 2023 – Covis Finco Sarl (together with its subsidiaries “Covis” or the “Company”), today announced that the Company entered into the Support Agreement with its Equity Sponsors, approximately 95% of its First Lien Lenders (including Revolving Facility Lenders) and 100% of its Second Lien Lenders regarding the terms of a comprehensive financial recapitalization that will reduce its debt by ~$450 million (the “Recapitalization”). The Recapitalization leads to a material strengthening of Covis’ balance sheet as well as its liquidity position. Upon consummation of the Recapitalization, funds managed by an affiliate of Apollo Global Management (the “Equity Sponsors”) will remain majority owners of the Company, while the First Lien Lenders will receive a significant minority stake.

Pro forma for the Recapitalization, the Company will be operationally and financially in a position to scale its business, including through commercial and life cycle management initiatives in order to grow its existing portfolio as well as geographic expansion that leverages its commercial infrastructure and network. Covis will also pursue inorganic growth opportunities, which have historically been a key value lever for the Company.

“We are grateful to have the support from our Equity Sponsors as well as substantially all of our lenders to complete this transaction, which keeps us on track to scale Covis profitably and sustainably. At Covis, our paramount focus continues to be patient outcomes and improving the health of people with serious medical conditions,” said Michael Porter, CEO of Covis.

To implement the Recapitalization, the Company is soliciting approval from its lenders of the transactions contemplated by the Support Agreement. Covis expects to complete this process quickly and efficiently and, with the strong support of its Equity Sponsors and lenders, anticipates a near-term closing of the Recapitalization.

Covis’ advisors include Paul, Weiss, Rifkind, Wharton & Garrison LLP and Slaughter and May as legal counsel and PJT Partners as financial advisor.

The First Lien Term Lenders are advised by Weil, Gotshal & Manges LLP as legal counsel and Houlihan Lokey Capital, Inc. as financial advisor and the Administrative Agent for the Revolving Facility Lenders and Second Lien Lenders are advised by Freshfields Bruckhaus Deringer LLP as legal counsel and Berkeley Research Group, LLC as financial advisor.

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About Covis
Covis Pharma, founded in 2011 and headquartered in Luxembourg, is a global specialty pharmaceutical company that markets therapeutic solutions for patients with life-threatening conditions and chronic illnesses. Additional information is available at www.covispharma.com.