Medivation enters $75 million revolving credit facility via JPMorgan

By Marisa Wong

Morgantown, W.Va., Sept. 9 – Medivation, Inc. entered into a credit agreement on Friday with J.P. Morgan Securities LLC as sole bookrunner and sole lead arranger and JPMorgan Chase Bank, NA as administrative agent for a one-year $75 million revolving loan facility and an uncommitted accordion facility, according to an 8-K filing with the Securities and Exchange Commission.

The revolver includes a $20 million multicurrency subfacility, a $10 million letter-of-credit subfacility and a $100,000 swingline loan subfacility.

Loans bear interest at Libor plus an applicable margin ranging from 175 basis points to 250 bps, based on the secured leverage ratio.

The commitment fee ranges from 25 bps to 40 bps, also based on the secured leverage ratio.

Under the credit agreement, the company is required to comply with a maximum senior secured net leverage ratio and minimum interest coverage ratio covenants.

Medivation is a San Francisco-based biopharmaceutical company.

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