---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-053816"
form_type: "8-K"
ticker: "MRNA"
cik: "0001682852"
company_name: "Moderna, Inc."
filed_at: "2025-11-24T23:59:59+00:00"
generated_at: "2026-05-16T17:19:48.290606+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Moderna enters $1.5B credit facility with Ares; $600M initial term loan, $900M delayed draw

## Summary
- $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.

## SEC filing metadata
- accession: 0001628280-25-053816
- form_type: 8-K
- ticker: MRNA
- cik: 0001682852
- company_name: Moderna, Inc.
- filed_at: 2025-11-24T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1682852/000162828025053816/0001628280-25-053816-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1682852/000162828025053816/mrna-20251119.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-053816
- JSON: https://secwatch.observer/filing/0001628280-25-053816.json
- Plain text: https://secwatch.observer/filing/0001628280-25-053816.txt

## Key facts
- Debt Financings
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1682852/000162828025053816/0001628280-25-053816-index.htm

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