Cambrex Corporation closed a new $500 million senior secured revolving credit facility replacing a previous $250 million facility. Wells Fargo Securities and JPMorgan Chase served as joint lead arrangers. Wells Fargo Bank will serve as administrative agent.

“I am very pleased to announce this important transaction, which not only lowers our borrowing cost, but provides Cambrex greater flexibility as we continue to execute on our growth strategy,” said Steven Klosk, president and CEO of Cambrex.

“The new credit facility is a significant vote of confidence from our lenders and provides Cambrex the necessary resources to invest both internally and externally to support continued shareholder value creation,” said Gregory Sargen, CFO of Cambrex.

Borrowings under the credit facility bear interest at a rate per annum equal to an applicable margin (based on leverage) plus the one-month LIBOR rate. The applicable margin for borrowings will range from 1.25% to 2.00%. The credit facility is unfunded at closing and will mature May 18, 2021.

East Rutherford, NJ-based Cambrex Corporation is a life sciences company that provides products, services and technologies to accelerate the development and commercialization of small molecule therapeutics.