United Therapeutics enters $2B credit agreement, draws $800M to refinance existing debt

UNITED THERAPEUTICS Corp

New $2B unsecured revolving credit facility with $1.2B Tranche A and $800M Tranche B; can be increased by up to $500M.
Borrowed $800M at closing to repay outstanding indebtedness under 2018 credit agreement; no penalties for early termination.
Maturity five years from March 31, 2022, with two possible one-year extensions at borrower's request.
Interest at Adjusted Term SOFR or base rate plus margin tied to leverage ratio; covenant limits total debt/EBITDA to 3.00x (3.50x after acquisitions).
Financial covenants also require interest coverage ratio >= 3.00x; customary events of default and change of control clause.

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