Biogen (BIIB) just unveiled an update.
Biogen Inc. has secured a $1.5 billion unsecured revolving credit facility with Bank of America, with features including a $25 million letters of credit and $20 million swing line loans. The credit is available for general corporate use, has varying interest rates tied to global benchmarks plus margins based on Biogen’s debt ratings, and allows for voluntary prepayments. The agreement sets forth interest payments, leverage ratio requirements, and extends for five years, with options for extension. Concurrently, Biogen terminated its previous credit agreement from 2020.
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