Summary
Regeneron Pharmaceuticals, Inc. (REGN) has announced the entry into a new $750 million senior unsecured five-year revolving credit facility, replacing its previous facility. This new Credit Facility, effective December 14, 2018, matures on December 14, 2023, and provides flexibility for working capital needs and general corporate purposes. It includes provisions for increasing the facility by up to $250 million, subject to lender consent. The company also has the option to extend the maturity date and prepay borrowings without penalty. The Credit Agreement includes standard financial and operating covenants, such as limitations on leverage, interest coverage, indebtedness, liens, and restricted payments. The termination of the prior credit agreement occurred concurrently with the execution of the new agreement, with no outstanding borrowings under either facility at the time of these transactions.
Key Highlights
- 1Entry into a new $750 million senior unsecured five-year revolving credit facility.
- 2The new credit facility replaces a previously existing one, which was terminated on the same date.
- 3The facility has a maturity date of December 14, 2023, with an option to extend.
- 4Proceeds are available for working capital and general corporate purposes.
- 5Includes an option to increase commitments or enter into term loans up to an additional $250 million.
- 6Financial covenants include maximum total leverage ratio and minimum interest coverage ratio.
- 7No borrowings were outstanding under the new facility as of the report date.