United Therapeutics signs $2.5 billion revolving credit facility, repays 2022 loan
On April 25, 2025, United Therapeutics entered a five-year unsecured revolving credit agreement with Wells Fargo as administrative agent, providing up to $2.5 billion, with an option to increase it by up to $750 million. The company borrowed $200.0 million at closing and used the funds to pay off and terminate its 2022 credit agreement with no early termination penalties. The filing shows a refinancing of existing debt rather than a change in operating results, and the new facility includes leverage and interest coverage covenants and a change-of-control default.
Key points
- Unsecured revolving credit facility of up to $2.5 billion, maturing five years after closing, with up to two one-year extensions
- Borrowed $200.0 million at closing on April 25, 2025, and used the proceeds to repay the 2022 Credit Agreement
- 2022 Credit Agreement, dated March 31, 2022, paid off and terminated with no early termination penalties
- Covenants require total indebtedness to EBITDA of no more than 3.50 to 1.00 and interest coverage of at least 3.00 to 1.00
The filing
Written by AI on Nov 8, 2026, 1:10 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 April 28, 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.