United Therapeutics enters into $75 million revolving credit facility

By Tali David

Minneapolis, Sept. 27 - United Therapeutics Corp. entered into a credit agreement with Wells Fargo Bank, NA as administrative agent on Sept. 26 that provides for a $75 million revolving loan facility, according to an 8-K filed Monday with the Securities and Exchange Commission.

The amount may, under certain conditions, be increased by up to $75 million, subject to lender participation.

The one-year loan will bear interest at the one-month Libor rate plus 50 basis points.

Proceeds are available for general corporate purposes, including funding share repurchases under the company's ongoing $420 million share repurchase program. Upon closing of the credit agreement on Sept. 26, no amounts were drawn, the filing noted.

Wells Fargo Securities, LLC is the sole lead arranger and sole bookrunner.

Lung LLC, a subsidiary of the company, will guarantee obligations under the credit agreement.

United Therapeutics is a Silver Springs, Md.-based biotechnology company focused on chronic and life-threatening diseases.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.