OPKO Health obtains $175 million five-year revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, Nov. 6 – OPKO Health, Inc. closed on a new $175 million five-year secured revolving credit facility with JPMorgan Chase, according to a Friday press release.

The new facility replaced Bio-Reference Laboratories’ previous $120 million secured revolving credit facility.

“The improved terms will provide us with the ability to leverage Bio-Reference’s earnings and balance sheet while lowering our overall cost of capital,” Phillip Frost, chairman and chief executive officer of OPKO, said in the release.

Borrowings will bear interest at Libor plus 250 basis points, plus a margin of 35 bps for the first 12 months and 50 bps thereafter, according to an 8-K filed with the Securities and Exchange Commission.

There is a commitment fee of 25 bps.

OPKO is a health care company based in Miami.

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