Abbott Labs (ABT) has released an update to notify the public and investors about an entry into a material definitive agreement.
Abbott Laboratories entered into a Five Year Credit Agreement on January 29, 2024, with various lenders, including JPMorgan Chase Bank as the administrative agent, allowing Abbott to borrow up to $5 billion unsecured. The agreement stipulates that any borrowed funds must be repaid on the fifth anniversary of the Effective Date, with interest rates based on base or SOFR rates plus a margin contingent on Abbott’s credit ratings. The agreement includes standard representations, warranties, covenants, and events of default, and while currently there are no outstanding borrowings, the lenders have provided and may continue to provide various financial services to Abbott for customary fees.
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