Exelixis repays full $80 million of Silicon Valley Bank term loan

By Wendy Van Sickle

Columbus, Ohio, March 30 – Exelixis, Inc. fully repaid its term loan with Silicon Valley Bank due May 31, according to a press release.

The repayment included about $80 million in principal and about $60,000 in interest. The term loan was initiated in 2010.

The company said it also plans to retire its convertible secured notes issued to entities associated with Deerfield Management Co., LP due July 1, 2018.

Exelixis said the two measures will substantially de-lever its balance sheet.

Exelixis is a South San Francisco, Calif.-based biotechnology company.

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