BioMarin Pharmaceutical Inc. Enters Material Definitive Agreement

Ticker: BMRN · Form: 8-K · Filed: Sep 4, 2024 · CIK: 1048477

Biomarin Pharmaceutical INC 8-K Filing Summary
FieldDetail
CompanyBiomarin Pharmaceutical INC (BMRN)
Form Type8-K
Filed DateSep 4, 2024
Risk Levelmedium
Pages4
Reading Time4 min
Key Dollar Amounts$0.001 B, $600 million
Sentimentneutral

Sentiment: neutral

Topics: material-definitive-agreement, financial-obligation

Related Tickers: BMRN

TL;DR

BioMarin just signed a big deal, creating a new financial obligation. Details in the filing.

AI Summary

On August 28, 2024, BioMarin Pharmaceutical Inc. entered into a material definitive agreement, which also created a direct financial obligation for the company. The filing details this agreement and its financial implications, with further information provided in the accompanying exhibits.

Why It Matters

This filing indicates a significant new financial commitment or contract for BioMarin Pharmaceutical Inc., which could impact its future financial performance and strategic direction.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and creating financial obligations can introduce new risks related to performance, financing, and market conditions.

Key Players & Entities

FAQ

What type of material definitive agreement did BioMarin Pharmaceutical Inc. enter into?

The filing states that BioMarin Pharmaceutical Inc. entered into a material definitive agreement, but the specific nature of the agreement is not detailed in the provided text, only that it creates a direct financial obligation.

When was the earliest event reported in this 8-K filing?

The earliest event reported in this 8-K filing occurred on August 28, 2024.

What is BioMarin Pharmaceutical Inc.'s principal executive office address?

BioMarin Pharmaceutical Inc.'s principal executive offices are located at 770 Lindaro Street, San Rafael, California 94901.

What is the Commission File Number for BioMarin Pharmaceutical Inc.?

The Commission File Number for BioMarin Pharmaceutical Inc. is 000-26727.

What is the IRS Employer Identification Number for BioMarin Pharmaceutical Inc.?

The IRS Employer Identification Number for BioMarin Pharmaceutical Inc. is 68-0397820.

Filing Stats: 1,065 words · 4 min read · ~4 pages · Grade level 12.3 · Accepted 2024-09-04 12:52:34

Key Financial Figures

Filing Documents

01 Entry Into a Material Definitive Agreement

Item 1.01 Entry Into a Material Definitive Agreement. On August 28, 2024, BioMarin Pharmaceutical Inc., a Delaware corporation (the "Company"), entered into a Credit Agreement (the "Credit Agreement") with Citibank, N.A., as Administrative Agent ("Citibank" or the "Administrative Agent"), and the Lenders party thereto (the "Lenders"). The Credit Agreement provides for up to $600 million in revolving loans (the "Revolving Credit Facility"), none of which was drawn at closing. Subject to the satisfaction of certain conditions precedent, the Company will be entitled to draw funds at its discretion until the Revolving Credit Facility matures on August 28 , 2029 (the "Maturity Date"), at which time all outstanding loans shall become due and payable and all outstanding letters of credit shall be cash collateralized. The Company expects to use the proceeds of the Revolving Credit Facility to finance ongoing working capital needs and for other general corporate purposes. Loans under the Credit Agreement will bear interest at a floating rate per annum based on (i) in the case of US dollar denominated loans, either (x) the Secured Overnight Financing Rate (subject to a zero percent floor), plus a spread adjustment of 10 bps ("Term SOFR"), plus a margin ranging from 112.5 bps to 175 bps per annum, based upon the Company's total net leverage ratio or (y) the Base Rate, which is the highest of (A) the Federal Funds Rate plus 50 bps, (B) Citibank's "prime rate", or (C) Term SOFR plus 100 bps, plus a margin ranging from 12.5 bps to 75 bps per annum, based upon the Company's total net leverage ratio; (ii) in the case of euro denominated loans, the Euro Interbank Offered Rate ("EURIBOR"), plus a margin ranging from 112.5 bps to 175 bps per annum, based upon the Company's total net leverage ratio; and (iii) in the case of sterling denominated loans, the Sterling Over Night Indexed Average, plus a margin ranging from 112.5 bps to 175 bps per annum, based upon the Company's total

03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information contained in Item 1.01 above with respect to entry into the Credit Agreement is incorporated herein by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Credit Agreement, dated as of August 28, 2024, by and among BioMarin Pharmaceutical Inc., as the Borrower, Citibank, N.A., as Administrative Agent, and the Lenders party thereto. 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BioMarin Pharmaceutical Inc., a Delaware corporation Date: September 4, 2024 By: /s/ G. Eric Davis G. Eric Davis Executive Vice President, Chief Legal Officer

View Full Filing

View this 8-K filing on SEC EDGAR

View on Read The Filing