8-K - BIOGEN INC. (0000875045) (Filer)

Wed, Aug 14, 8:33 PM (153 days ago)

On August 12, 2024, Biogen Inc. entered into a new $1.5 billion unsecured revolving credit facility with Bank of America, replacing its existing credit agreement from January 2020. The new facility allows for borrowing through letters of credit and swing line loans, with no proceeds drawn as of the closing date. Interest rates will vary based on the company's debt ratings and include terms linked to various benchmarks such as Term SOFR and EURIBOR. The credit agreement mandates a maximum consolidated leverage ratio of 3.75 to 1.0, adjustable to 4.25 to 1.0 for material acquisitions. Concurrently, Biogen repaid all obligations under the previous agreement, which had no outstanding loans at termination. This strategic financial move is expected to enhance Biogen's liquidity and flexibility for corporate purposes.