Sarepta Therapeutics, a company in precision genetic medicine for rare diseases, closed on a $600 million senior secured revolving credit facility with a bank syndicate.
“Sarepta’s financial strength and the positive outlook for our business provide us with the flexibility to use non-dilutive financing by establishing a revolving credit facility,” Ian Estepan, executive vice president, chief financial officer of Sarepta Therapeutics, said. “It supplements our strong balance sheet and allows for contingent liquidity as we execute our strategic plan to achieve our Sarepta 2030 objectives. Access to this instrument is a testament to our robust future cash and EBITDA growth trajectory and we were very pleased with the strong backing from the lenders during this process, which resulted in oversubscribed demand.”
JPMorgan Chase Bank served as administrative agent and acted as lead arranger and joint bookrunner. The syndicate also includes Barclays Bank, Citizens Bank, Goldman Sachs USA, Morgan Stanley Senior Funding, Royal Bank of Canada, Fifth Third Bank, UBS AG (Stamford branch) and Bank of America.
