Company: SRPT
Filing Date: 2025-02-14
Form Type: 8-K
Source: 0001193125-25-026683
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Company: Sarepta Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 8-K
Item: Item 1.01
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Item 1.01      Entry into a Material Definitive Agreement  

On February 13, 2025 (the “ Closing Date”), Sarepta Therapeutics, Inc. (the “ Company”) and Sarepta Therapeutics Investments, Inc., a wholly owned subsidiary of the Company (together with the Company, the “ Obligors”) entered into a credit agreement (the “ Credit Agreement”) with JPMorgan Chase Bank, N. A., as administrative agent (in such capacity, the “ Administrative Agent”) and as collateral agent (in such capacity, the “ Collateral Agent”) and the lenders party thereto. The Credit Agreement provides for a five-year, $600 million senior secured revolving credit facility (the “ Revolving Credit Facility”).

Interest rates under the Revolving Credit Facility are variable and equal to the Secured Overnight Financing Rate plus a credit spread adjustment of 0.10% per annum (“ Adjusted SOFR”), plus a margin of 1.125% to 1.75% per annum based on the Company’s total gross leverage ratio, or, at the Company’s option, at a base reference rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) the rate of interest last quoted by the Administrative Agent as its “base rate” and (c) the one-monthAdjusted SOFR rate plus 1.00%, plus a margin of 0.125% to 0.75% per annum based on the Company’s total gross leverage ratio.

The Company will pay customary agency fees and a commitment fee based on the daily unused portion of the Revolving Credit Facility at a rate of 0.20% to 0.35% per annum based on the Borrower’s total gross leverage ratio. The Revolving Credit Facility is not subject to amortization and will mature on the fifth anniversary of the Closing Date.

On the Closing Date, each of the Obligors and the Collateral Agent entered into a pledge and security agreement, pursuant to which the Obligors granted a security interest in substantially all of their respective assets, in each case, subject to customary exceptions and exclusions.

The Credit Agreement contains customary representations and warranties, affirmative covenants, negative covenants and events of default. The Credit Agreement also contains financial covenants that are tested on the last day of each of the Company’s fiscal quarters. These financial covenants include a (x) maximum secured net leverage ratio of 3.5: