Sarepta Therapeutics 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 four-year terms.

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

Sarepta is 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.

All obligations under the credit agreements are secured, subject to certain exceptions such as intellectual property, by substantially all of the company’s assets.