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MidCap Provides $100MM Credit Facility to Sarepta Therapeutics

July 19, 2017, 07:00 AM
Filed Under: Pharmaceuticals

Sarepta Therapeutics, Inc., a U.S. commercial-stage biopharmaceutical company focused on the discovery and development of unique RNA-targeted therapeutics for the treatment of rare neuromuscular diseases, announced that it has entered into credit and security agreements with MidCap Financial.

Under the terms of the agreements, Sarepta can borrow up to $60 million in three tranches at an annual rate of 6.25%, plus one-month LIBOR, and a $40 million revolver at a rate of 3.95%, plus one-month LIBOR. Both facilities have a four year term.

The financing replaces the Company’s $40 million debt facility with MidCap Financial at an annual rate of 7.75%, with a maturity of June 2018.

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