MYRIAD GENETICS, INC. (NASDAQ:MYGN) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a RegistrantITEM 2.03
On December 23, 2016, Myriad Genetics, Inc. (“Myriad”) entered into a Credit Agreement (the “Credit Agreement”), by and among Myriad, as borrower, the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent and as Collateral Agent (the “Agent”), Wells Fargo Bank, National Association, as Syndication Agent, and U.S. Bank National Association, PNC Bank, National Association, Fifth Third Bank, Zions First National Bank, a division of ZB, N.A., and Silicon Valley Bank, as Co-Documentation Agents, providing for a senior secured revolving credit facility (the “Facility”) in an aggregate principal amount of up to $300,000,000, which amount shall include $10,000,000 sublimits, in each case, for swingline loans and letters of credit. to the Facility, Myriad borrowed revolving loans in an aggregate principal amount of $205,000,000. The Facility matures on December 23, 2021 (the “Maturity Date”).
The proceeds of the Facility were used (i) to refinance in full the obligations under the Myriad term loan facility entered into on August 31, 2016, (ii) to pay any fees and expenses related thereto, and (iii) for working capital and general corporate purposes.
The Credit Agreement contains customary loan terms, interest rates, representations and warranties, affirmative and negative covenants, in each case, subject to customary limitations, exceptions and exclusions. The Credit Agreement also contains certain customary events of default.
The Facility is secured by a first-lien security interest in substantially all of the assets of Myriad and certain of its domestic subsidiaries, and each such domestic subsidiary of Myriad has guaranteed the repayment of the Facility.
The Agent and its affiliates have various relationships with Myriad and its subsidiaries involving the provision of financial services, such as investment banking, commercial banking, advisory, paying agent services and escrow services for which they receive customary fees and may do so in the future.
About MYRIAD GENETICS, INC. (NASDAQ:MYGN)
Myriad Genetics, Inc. is a molecular diagnostic company. The Company is engaged in the discovery, development and marketing of transformative molecular diagnostic tests. The Company operates through two segments: diagnostics and other. The diagnostics segment provides testing and collaborative development of testing that is designed to assess an individual’s risk for developing disease later in life, identify a patient’s likelihood of responding to drug therapy and guide a patient’s dosing to enable optimal treatment, or assess a patient’s risk of disease progression and disease recurrence. The other segment provides testing products and services to the pharmaceutical, biotechnology and medical research industries, research and development, and clinical services for patients, and also includes corporate services, such as finance, human resources, legal and information technology. Its molecular diagnostic tests include myRisk Hereditary Cancer, BRACAnalysis CDx and COLARIS. MYRIAD GENETICS, INC. (NASDAQ:MYGN) Recent Trading Information
MYRIAD GENETICS, INC. (NASDAQ:MYGN) closed its last trading session down -0.33 at 16.68 with 607,450 shares trading hands.
