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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Moderna, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-25-053816

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