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DexCom shares up amid company expansion and credit agreement with banks

Dexcom G5 Mobile Receiver
Source: Dexcom
Dexcom G5 Mobile Receiver

Shares of DexCom rallied more than 6 percent Monday amid two reports.

According to a Securities and Exchange Commission filing Monday, the glucose-monitoring developer will enter into a $200 million revolving credit agreement with several banks, including JPMorgan Chase and Bank of America. Dexcom said the agreement matures June 17, 2021.

Separately, the company said it will expand its manufacturing operations to Greater Phoenix, Arizona to "help meet growing demand for continuous glucose monitoring technology."

The 180,000 square foot facility will support the company's global manufacturing operations and is projected to create more than 500 jobs over the next several years, according to the report.

"Given our company's growth, and the growing demand for CGM technology, we felt that a significant expansion of our manufacturing capability in this location was a good strategic fit," Kevin Sayer, president and CEO of DexCom, wrote in the press release.

DexCom expects initial manufacturing operations in this facility to start in the second quarter of 2017.

DexCom's stock has dropped this year, falling more than 5 percent.

DXCM 2016 Chart