BioMarin amends loan, reducing interest rate by 25 bps

By Sara Rosenberg

New York, Dec. 19 - BioMarin Pharmaceutical Inc. amended its loan and security agreement, reducing the interest rate to Libor plus 125 basis points from Libor plus 150 bps, according to an 8-K filed with the Securities and Exchange Commission Monday.

In addition, the minimum cash and investment balance requirement was reduced to at least $25 million from at least $45 million.

The amendment was completed on Dec. 13 but is effective as of Oct. 31.

Comerica Bank is the lead bank on the deal.

BioMarin is a Novato, Calif.-based company involved in the development and commercialization of biopharmaceuticals and therapeutics for serious diseases and medical conditions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.