BioMarin gets $200 million three-year revolver with Bank of America

By Wendy Van Sickle

Columbus, Ohio, Oct. 23 – BioMarin Pharmaceutical Inc. obtained a $200 million three-year revolving credit facility on Oct. 19 with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the loans will be Libor plus a margin ranging from 100 basis points to 195 bps.

Commitment fees on undrawn amounts range from 15 bps to 35 bps.

The credit agreement will mature on Oct. 19, 2021, unless at least $100 million of the company’s 1.5% senior subordinated convertible notes due in 2020 remain outstanding on Aug. 1, 2020 and some other conditions have not been met, in which case BioMarin may be required to repay all amounts drawn on the revolver on that date.

Citibank, NA is the letter-of-credit issuer.

Proceeds will be used to finance working capital needs and for other general corporate purposes.

The company’s obligations under the credit agreement are guaranteed by its direct subsidiary, California Corporate Center Acquisition LLC.

BioMarin may prepay all or some of the revolver without premium or penalty. No amounts were drawn at closing.

The revolver replaces the company’s $100 million revolver obtained in November of 2016.

BioMarin is a biopharmaceutical company based in Novato, Calif.

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