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Illumina enters $750 million five-year replacement senior revolver
By Marisa Wong
Los Angeles, Jan. 4 – Illumina, Inc. entered into a $750 million senior unsecured five-year revolving credit agreement on Jan. 4 with Bank of America, NA as administrative agent, an issuing bank and the swingline lender, according to an 8-K filing with the Securities and Exchange Commission.
The revolver includes a $40 million sublimit for swingline borrowings and a $50 million sublimit for letters of credit.
The company may elect to increase the commitments under the credit facility or to enter into one or more tranches of term loans in the aggregate principal amount of up to $250 million.
The revolver matures on Jan. 4, 2028, subject to two one-year extension options.
Loans will bear interest at term SOFR plus an applicable rate that varies with the company’s debt rating, plus a credit spread adjustment of 10 basis points. The applicable rate ranges from 92 bps to 150 bps.
The facility fee rate, also based on ratings, ranges from 8 bps to 25 bps.
The credit agreement contains a financial covenant, namely a maximum total leverage ratio covenant.
Loan proceeds may be used to finance working capital needs and for general corporate purposes.
BofA Securities, Inc., JPMorgan Chase Bank, NA, Citibank, NA and Goldman Sachs Bank USA are the joint bookrunners and joint lead arrangers, with JPMorgan as syndication agent and Citibank and Goldman as co-documentation agents.
As of the closing date, no borrowings were outstanding under the revolver.
The new credit agreement replaces the company’s credit agreement dated as of March 8, 2021 with Bank of America as administrative agent. The existing credit agreement and the commitments thereunder were terminated as of Jan. 4.
Based in San Diego, Illumina provides products and services related to sequencing- and array-based solutions for genetic and genomic analysis.
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