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Medivation borrows full $75 million under new revolving facility
By Marisa Wong
Morgantown, W.Va., Sept. 18 – Medivation, Inc. borrowed the full $75 million available under its revolving credit facility on Thursday, according to an 8-K filing with the Securities and Exchange Commission.
Medivation entered into the credit agreement on Sept. 9 with J.P. Morgan Securities LLC as the bookrunner and lead arranger and JPMorgan Chase Bank, NA as administrative agent.
The credit agreement provided for the revolver and an uncommitted accordion facility, as previously reported.
The revolver included a $20 million multicurrency subfacility, a $10 million letter-of-credit subfacility and a $100,000 swingline loan subfacility.
Loans bear interest at Libor plus an applicable margin ranging from 175 basis points to 250 bps, based on the secured leverage ratio.
The commitment fee ranges from 25 bps to 40 bps, also based on the secured leverage ratio.
Under the credit agreement, the company is required to comply with a maximum senior secured net leverage ratio and minimum interest coverage ratio covenants.
Medivation is a San Francisco-based biopharmaceutical company.
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