Vertex Pharmaceuticals adds $100 million undrawn revolver via BofA

By Susanna Moon

Chicago, Jan. 13 - Vertex Pharmaceuticals Inc. entered into a $100 million revolving credit facility that is initially unsecured and remains in place until July 6, 2012, according to an 8-K filing with the Securities and Exchange Commission.

Interest will be set at Libor plus 150 basis points.

The company entered into the credit agreement with Bank of America, NA as administrative agent and lender on Jan. 7.

Vertex said it is not borrowing under the credit agreement at this time.

Loans may be prepaid without penalty.

The credit agreement includes a financial covenant that requires the company to maintain at least $400 million in cash, cash equivalents and marketable securities in domestic deposit and securities accounts and a covenant that limits quarterly net losses.

The pharmaceutical company is based in Cambridge, Mass.

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