Moderna signs $1.5 billion credit facility with Ares Capital, $600 million funded at closing
Moderna entered a $1.5 billion Credit and Guaranty Agreement dated November 19, 2025, with Ares Capital Corporation as administrative and collateral agent. The company borrows $600 million at closing, with $900 million more available as delayed draw term loans, and the loans mature November 24, 2030. The facility carries a minimum liquidity covenant of at least $500 million in cash and cash equivalents, which rises to $750 million if more than $1 billion is drawn.
Key points
- Facility totals $1.5 billion: $600 million initial term loan and $900 million in delayed draw term loans
- Interest at Term SOFR plus 5.50% or base rate plus 4.50%; maturity date November 24, 2030
- Loans secured by an all-asset collateral grant and guaranteed by US, Canadian, UK, Swiss and Australian subsidiaries
- Weekly minimum cash covenant of $500 million, rising to $750 million if over $1 billion is drawn; covenant not tested if 30-day average market capitalization exceeds $5 billion
The filing
Written by AI on Nov 8, 2026, 1:21 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 24, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.