Biogen said it entered into a credit agreement on August 12, 2024 with Bank of America, N.A. as Administrative Agent. The agreement provides a $1.5 billion five-year unsecured revolving credit facility. Borrowings may be used for general corporate purposes, and no amounts had been drawn as of the closing date.

1. 01

   Biogen said it entered into a credit agreement on August 12, 2024 with Bank of America, N.A. as Administrative Agent. The agreement provides a $1.5 billion five-year unsecured revolving credit facility. Borrowings may be used for general corporate purposes, and no amounts had been drawn as of the closing date.

2. 02

   The company said it repaid all outstanding obligations under, and terminated, its existing credit agreement on January 28, 2020, simultaneously with entering into the new credit agreement. No loans were outstanding under the existing agreement at the time of termination.

3. 03

   The company said revolving loans bear interest at the benchmark rate for each currency, such as Term SOFR for dollar loans and EURIBOR for euro loans, plus a margin of 0.625% to 1.375%. Base Rate loans carry a margin of 0.000% to 0.375%. The commitment fee on unused commitments is 0.050% to 0.150% per year. The margins and fees vary based on the company's Debt Ratings.

4. 04

   The company said the revolving credit facility terminates 5 years after the closing date, subject to certain extension options. Voluntary prepayments are permitted without premium or penalty, other than customary breakage costs. The agreement requires the company to maintain a maximum consolidated leverage ratio of 3.75 to 1.0, measured at the end of each fiscal quarter, which may be temporarily increased to 4.25 to 1.0 at the company's election following a material acquisition.

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