Cubist Pharmaceuticals gets $150 million credit facility led by RBC

By Sara Rosenberg

New York, Nov. 27 - Cubist Pharmaceuticals Inc. closed on a new $150 million three-year senior secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Royal Bank of Canada is the administrative agent on the deal that was completed on Nov. 20.

Pricing on the revolver can range from Libor plus 225 basis points to 275 bps and the unused fee can range from 37.5 bps to 50 bps, based on leverage.

Covenants include a maximum leverage ratio and minimum interest coverage ratio.

Cubist Pharmaceuticals is a Lexington, Mass.-based biopharmaceutical company.

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