Myriad Genetics Inc. has announced the successful closing of a new $200 million credit facility with OrbiMed, a prominent global healthcare investment firm. This five-year senior secured term loan includes $125 million of funded capital, with an option for Myriad to borrow an additional $75 million until June 30, 2027. The facility, which matures on July 31, 2030, bears interest based on the one-month secured overnight financing rate $(SOFR)$ plus 6.50% annually, with a SOFR floor of 2.50%. The credit facility is secured by nearly all of Myriad's assets and replaces the company's previous asset-based lending facility. Evercore acted as the exclusive financial advisor for the transaction. This funding will support Myriad's growth strategy and objectives in the field of molecular diagnostic testing and precision medicine.
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