NEW YORK – Illumina has entered into a $750 million credit agreement with Bank of America as administrative agent.
According to a document filed on Monday with the US Securities and Exchange Commission, the terms of the deal provide for a senior, unsecured, five-year revolving credit facility. There is a $40 million sublimit for swingline borrowings and a $50 million sublimit for letters of credit. The agreement includes an option for Illumina to elect to increase the commitments or enter into one or more tranches of term loans in the aggregate principal amount of up to $250 million.
The proceeds of loans under the credit facility "may be used to finance the working capital needs, and for general corporate or other lawful purposes, of Illumina and its subsidiaries," the firm said.
The credit facility matures on March 8, 2026, subject to two one-year extensions at the option of Illumina. Amounts borrowed may be prepaid and the commitments under the credit facility may be terminated by Illumina, at any time without premium or penalty.
As of March 8, 2021, no borrowings were outstanding under the credit facility.
The agreement follows a 2018 fundraising, when Illumina offered $650 million in convertible senior notes.