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Vertex Pharmaceuticals secures $500M credit line

Vertex Pharmaceuticals Inc. said it secured a $500 million senior unsecured revolving facility from lenders led by Bank of America NA.

The credit line expires Sept. 17, 2024, and replaces an existing credit agreement. The Boston-based biopharmaceutical company may request an additional $500 million extension to the credit facility.

Amounts borrowed under the facility will bear interest at the company's option at either a base rate or a Eurocurrency rate plus an applicable margin.