Amgen terminates $28.5B Horizon bridge facility, enters new $4B revolver

AMGEN INC

Bridge credit facility (originally $28.5B) for Horizon Therapeutics acquisition terminated March 9, 2023 after reductions from $4B term loan and $23.8B senior note proceeds.
New $4.0B revolving credit agreement signed with 5-year initial term, extendable up to two additional years, for general corporate purposes and commercial paper backstop.
Interest on revolver advances is Adjusted Term SOFR plus 0.68%-1.10% (or base rate plus 0.00%-0.10%) depending on Amgen's senior debt rating.
Company states sufficient liquidity from term loan, note proceeds, and cash to complete Horizon acquisition; remaining bridge commitments were not needed.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

AMGEN INC terminated Bridge Credit Facility with Citibank, N.A., Bank of America, N.A., and other lenders valued at $28.5 billion bridge credit facility terminated (effective 2023-03-09).

Action: termination
Agreement: credit facility
Counterparty: Citibank, N.A., Bank of America, N.A., and other lenders
Value: $28.5 billion bridge credit facility terminated
Effective: 2023-03-09

Exact text from the filing

On March 9, 2023, we elected to terminate all remaining outstanding commitments under our Bridge Credit Facility and terminate the Bridge Credit Facility in its entirety in accordance with its terms.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

AMGEN INC entered into Third Amended and Restated Revolving Credit Agreement with Citibank, N.A., JPMorgan Chase Bank, N.A., and other banks valued at $4.0 billion revolving credit facility (effective 2023-03-09).

Action: entry
Agreement: credit facility
Counterparty: Citibank, N.A., JPMorgan Chase Bank, N.A., and other banks
Value: $4.0 billion revolving credit facility
Effective: 2023-03-09

Exact text from the filing

On March 9, 2023, Amgen Inc. (the “Company”) entered into a third amended and restated revolving credit agreement with Citibank, N.A., as administrative agent (“Citibank”), JPMorgan Chase Bank, N.A., as syndication agent, and the other banks party thereto (the “Revolving Credit Agreement”), for a total commitment of $4.0 billion.

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Source: SEC EDGAR

accession 0001193125-23-066144

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