Genzyme gets $350 million unsecured revolver

By Sara Rosenberg

New York, July 19 - Genzyme Corp. closed on a new $350 million senior unsecured revolving credit facility due July 14, 2011, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

JPMorgan is administrative agent on the deal, Bank of America is syndication agent, and ABN Amro, Citizens Bank of Massachusetts and Wachovia Bank are co-documentation agents.

Interest on the revolver can range from Libor plus 18 to 67.5 basis points and the unused fee can range from seven to 20 bps, depending on ratings.

There is a $350 million accordion feature.

The new facility replaces the company's previous $350 million three-year revolver.

Borrowings under the revolver, which closed on July 14, can be used to finance working capital needs and general corporate purposes.

Genzyme is a Cambridge, Mass.-based biotechnology company.

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