Celgene increases revolver to $1.5 billion, extends maturity to 2018

By Toni Weeks

San Luis Obispo, Calif., April 19 - Celgene Corp. amended its senior unsecured revolving credit facility with Citibank, NA as administrative agent to increase total commitments to $1.5 billion from $1 billion, according to an 8-K filing with the Securities and Exchange Commission.

The facility also has an accordion feature to push the amount to $1.75 billion. Increases may be made annually.

The amendment also extends the maturity date to April 18, 2018 from Sept. 2, 2016.

Borrowings bear interest at Libor plus 75 to 150 basis points, with the exact margin dependent on the company's public debt ratings.

The facility may be prepaid without penalty.

Proceeds may be used for working capital, capital expenditures and other corporate purposes.

JPMorgan Chase Bank, NA and Morgan Stanley Senior Funding, Inc. are syndication agents. Bank of America, NA is the documentation agent. Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley Senior Funding and Bank of America Merrill Lynch are joint lead arrangers and joint bookrunners.

No proceeds were drawn under the facility as of the closing date.

The global biopharmaceutical company is based in Summit, N.J.

© 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.