Alexion Pharmaceuticals Inc. in Cheshire has expanded its borrowing limit by up to $25 million with a syndicate of lenders that includes Bank of America, according to a regulatory filing.
Alexion and the banks amended the drug marketer’s existing $50 million line of revolving credit to allow it to expand to $75 million, according to an 8-K filing with the Securities and Exchange Commission. Alexion also has the ability to issue up to $20 million in letters of credit for working capital.
Alexion can opt to pay interest based on the London interbank offered rate (LIBOR) plus 2.5 percent to 3 percent, or a base rate tied to either the prevailing prime, federal funds or Eurodollar rates, the filing said.
The company, in the midst of a European and South American rollout of its Soliris drug for treating a rare blood disorder, has no immediate plans to draw against the line of credit, the filing said.
Alexion pledged most of its assets, including its manufacturing facility in Smithfield, R.I., as security for the line of credit. The company’s intellectual property and assets of foreign subsidiaries aren’t among the collateral, the filing said
