Moderna, Inc. (MRNA): debt financing — Moderna enters $1.5B credit facility with Ares; $600M initial term loan, $900M delayed draw

Moderna, Inc.

$1.5B facility: $600M initial term loan and $900M delayed draw tranche available through Nov 2027/2028.
Interest at Term SOFR + 5.50% or base rate + 4.50%; maturity date November 24, 2030.
Secured by all assets of Moderna; guaranteed by US, Canadian, UK, Swiss, and Australian subsidiaries.
Minimum liquidity covenant of $500M ($750M if >$1B drawn); not tested if market cap >$5B.
Proceeds used for general corporate purposes; loan contingent on regulatory milestones for delayed draw portion.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Moderna, Inc. incurred credit facility of $1,500,000,000 credit facility with Ares Capital Corporation at Term SOFR plus an applicable margin of 5.50% per annum or base rate plus an appl maturing November 24, 2030.

Instrument: credit facility
Principal: $1,500,000,000 credit facility
Counterparty: Ares Capital Corporation
Rate: Term SOFR plus an applicable margin of 5.50% per annum or base rate plus an appl
Maturity: November 24, 2030
Event: incurrence

Exact text from the filing

The Credit Agreement provides for a $1,500,000,000 credit facility of which $600,000,000 will be funded as an initial term loan and $900,000,000 will be available as delayed draw term loans.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Moderna, Inc. entered into Credit Agreement with Ares Capital Corporation valued at $1,500,000,000 (effective 2025-11-19).

Action: entry
Agreement: credit facility
Counterparty: Ares Capital Corporation
Value: $1,500,000,000
Effective: 2025-11-19

Exact text from the filing

On November 19, 2025, Moderna, Inc. (the “Company”) entered into a Credit and Guaranty Agreement (the “Credit Agreement”), among the Company, as borrower, certain subsidiaries of the Company, as guarantors, the lenders from time to time party thereto, and Ares Capital Corporation, as administrative agent and collateral agent.

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Moderna, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-25-053816

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