---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-227692"
form_type: "8-K"
ticker: "BIIB"
cik: "0000875045"
company_name: "BIOGEN INC."
filed_at: "2023-09-01T23:59:59+00:00"
generated_at: "2026-06-11T00:50:47.776862+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Biogen secures $1.5B term loan to fund Reata acquisition; bridge loan canceled

## Summary
- $1.5B unsecured term loan facility split into $750M 364-day Tranche A and $750M 3-year Tranche B.
- Proceeds to pay part of Reata buyout, repay existing Reata debt, and cover transaction fees.
- Interest rates: Term SOFR + 1.250%-1.625% or Base Rate + 0.250%-0.625%, based on debt ratings.
- Financial covenant of 3.5x max leverage, temporarily rising to 4.0x upon merger close.
- Prior $1.5B 364-day bridge loan commitment from JPMorgan terminated and canceled.

## SEC filing metadata
- accession: 0001193125-23-227692
- form_type: 8-K
- ticker: BIIB
- cik: 0000875045
- company_name: BIOGEN INC.
- filed_at: 2023-09-01T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/875045/000119312523227692/0001193125-23-227692-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/875045/000119312523227692/d540978d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-227692
- JSON: https://secwatch.observer/filing/0001193125-23-227692.json
- Plain text: https://secwatch.observer/filing/0001193125-23-227692.txt

## Key facts
- Debt Financings
  BIOGEN INC. incurred term loan of $1.5 billion unsecured term loan facility with JPMorgan Chase Bank, N.A. at Term SOFR subject to a floor of 0.00% per annum plus an applicable margin rangin maturing Tranche A: 364 days after Funding Date; Tranche B: 3 years after Funding Date.
  - Instrument: term loan
  - Principal: $1.5 billion unsecured term loan facility
  - Counterparty: JPMorgan Chase Bank, N.A.
  - Rate: Term SOFR subject to a floor of 0.00% per annum plus an applicable margin rangin
  - Maturity: Tranche A: 364 days after Funding Date; Tranche B: 3 years after Funding Date
  - Event: incurrence
  source text: On August 28, 2023, Biogen Inc. (the “ Company ”) entered into a Credit Agreement with JPMorgan Chase Bank, N.A. (“ JPMorgan ”), as Administrative Agent, and the lenders party thereto (the “ Credit Agreement ”). The Credit Agreement provides for a $1.5 billion unsecured term loan facility, comprised of a $750 million 364-day tranche (“ Tranche A ”) and a $750 million three-year tranche (“ Tranche B ” and collectively, the “ Term Facility ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/875045/000119312523227692/0001193125-23-227692-index.htm
- Material Agreements
  BIOGEN INC. entered into Credit Agreement with JPMorgan Chase Bank, N.A., as Administrative Agent, and the lenders party thereto valued at $1.5 billion unsecured term loan facility (effective 2023-08-28).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: JPMorgan Chase Bank, N.A., as Administrative Agent, and the lenders party thereto
  - Value: $1.5 billion unsecured term loan facility
  - Effective: 2023-08-28
  source text: On August 28, 2023, Biogen Inc. (the “ Company ”) entered into a Credit Agreement with JPMorgan Chase Bank, N.A. (“ JPMorgan ”), as Administrative Agent, and the lenders party thereto (the “ Credit Agreement ”). The Credit Agreement provides for a $1.5 billion unsecured term loan facility
  evidence_url: https://www.sec.gov/Archives/edgar/data/875045/000119312523227692/0001193125-23-227692-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.