NEW YORK – Illumina has entered right into a $ 750 million credit score settlement with Financial institution of America as administrative agent.
In keeping with a doc filed with the U.S. Securities and Trade Fee on Monday, the phrases of the settlement present for a senior, unsecured, five-year revolving credit score facility. There’s a $ 40 million sub-limit for line of credit score borrowings and a $ 50 million sub-limit for letters of credit score. The settlement consists of an choice for Illumina to decide on to extend commitments or enter into a number of tranches of time period loans with an mixture principal quantity of as much as $ 250 million.
The proceeds from loans beneath the credit score facility “could also be used to fund working capital and common company functions or for different authorized functions of Illumina and its subsidiaries,” stated the cupboard.
The credit score facility matures on March 8, 2026, topic to 2 one-year extensions at Illumina’s choice. Quantities borrowed could also be pay as you go and commitments beneath the Credit score Facility could also be terminated by Illumina at any time with out premium or penalty.
As at March 8, 2021, no borrowings had been excellent beneath the credit score facility.
The deal follows a fundraiser in 2018, when Illumina provided $ 650 million in senior convertible notes.