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Regeneron gets $750 million five-year revolver at Libor plus 125 bps
By Wendy Van Sickle
Columbus, Ohio, Dec. 17 – Regeneron Pharmaceuticals, Inc. obtained a $750 million five-year senior unsecured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.
The company entered into a credit agreement on Dec. 14 with J.P. Morgan Securities LLC, Bank of America Merrill Lynch and U.S. Bank NA as joint bookrunners and lead arrangers and JPMorgan Chase Bank, NA as administrative agent.
Bank of America, NA and U.S. Bank NA are the co-syndication agents; Barclays Bank plc, Citibank, NA, Fifth Third Bank and MUFG Bank, Ltd. are the co-documentation agents. JPMorgan Chase Bank, Bank of America and U.S. Bank are the issuing banks. JPMorgan Chase Bank is the swingline lender.
The agreement includes a $25 million sublimit for swingline borrowings and a $50 million sublimit for letters of credit.
The agreement allows the company to raise the commitments under the facility and to enter into one or more tranches of term loans of up to $250 million, with lender consents.
Interest on the loans will initially be Libor plus 125 basis points, with a spread of Libor plus 112.5 bps to 150 bps based on leverage.
The commitment fee ranges from 12.5 bps to 20 bps.
Proceeds may be used to finance working capital and for general corporate purposes.
The facility matures on Dec. 14, 2023 and includes an option for the company to extend the maturity.
The revolver replaces the company’s revolver dated March 19, 2015, which had no borrowings outstanding and was terminated in conjunction with the new credit facility.
Regeneron is a Tarrytown, N.Y.-based biopharmaceutical company.
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