Abbott Labs (ABT) has released an update to notify the public and investors about a termination of a material definitive agreement.
Abbott terminated all commitments under the Existing Credit Agreement from November 2020 when it entered the Revolving Credit Agreement. There were no outstanding loans at termination, although the agreement had allowed Abbott to borrow up to $5 billion unsecured, maturing in 2025 with interest based on either a base rate or a SOFR rate plus a margin dependent on Abbott’s credit ratings. Some lenders may continue to provide various banking services to Abbott for customary fees.
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