BioMarin Pharmaceutical entered into a credit agreement for up to $100 million in revolving loans with Bank of America as administrative agent, swing line lender and L/C issuer.

BioMarin expects to use the proceeds of the facility for working capital needs, including timing differences resulting from the strategic reduction of short-term investments.

The actual amount available under the revolving credit facility is determined by specified advance rates against certain assets owned by the company and held in a designated custody account maintained with Bank of America. The facility matures on November 29, 2018.

The loans will bear interest at a floating rate of either LIBOR, or the highest of the federal funds rate, plus ½ of 1%, the rate of interest in effect for such day publicly announced by Bank of America as its “prime rate” or LIBOR+1.00.

The company’s obligations under the agreement are guaranteed by its direct subsidiary, California Corporate Center Acquisition and may in the future be guaranteed by certain additional material domestic subsidiaries. If the company’s global liquidity falls below $225 million at the end of any month or at the time of any borrowing or issuance of a letter of credit under the credit facility, then the company’s obligations will also be secured by the assets held by the company in the custody account.