Sarepta Therapeutics Inc (NASDAQ: SRPT) said on Friday that it had closed on a $600 million senior secured revolving credit facility with a bank syndicate.
JPMorgan Chase Bank N.A. serves as Administrative Agent and acted as Lead Arranger and Joint Bookrunner, Sarepta said.
“Sarepta’s financial strength and the positive outlook for our business provide us with the flexibility to use non-dilutive financing by establishing a revolving credit facility. It supplements our strong balance sheet and allows for contingent liquidity as we execute our strategic plan to achieve our Sarepta 2030 objectives. Access to this instrument is a testament to our robust future cash and EBITDA growth trajectory and we were very pleased with the strong backing from the lenders during this process, which resulted in oversubscribed demand,” Ian Estepan, Executive Vice President, Chief Financial Officer, said in a press release.
Stock Performance
The shares of Sarepta Therapeutics Inc (SRPT) closed 1.38% ($1.51) lower at $107.95 on Nasdaq on Friday.
The company’s total market cap now stands at $10.311 billion.
The shares of Sarepta Therapeutics Inc (SRPT) went up 26.09% in 2024, compared with a 28.64% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have lost 11.22% so far this year.
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