MRNA · 10-Q · 2026Q2 · Full report

Outstanding Indebtedness

Moderna, Inc. · 2026-07-31 · Importance 64 · Surprise 42 · In source text

Moderna’s November 2025 Credit and Guaranty Agreement provides a senior secured term-loan facility with aggregate commitments of $1.5 billion. The initial term loan matures on November 24, 2030, and the facility includes delayed-draw commitments available through November 2027 and November 2028, subject to conditions and regulatory milestones. The initial term loan carried an approximately 9.20% interest rate as of June 30, 2026, and no amounts had been drawn under either delayed-draw facility. Moderna was in compliance with the credit agreement’s covenants at June 30, 2026, including minimum cash and investment requirements.

Key facts

• In November 2025, Moderna entered into a Credit and Guaranty Agreement providing for aggregate term loan commitments of $1.5 billion. source
• In November 2025 Moderna, Inc. entered into a Credit and Guaranty Agreement providing for a term loan facility with aggregate commitments of $1.5 billion and as of June 30, 2026 had drawn $600 million under the initial term loan. source
• The Credit Agreement provides for $900 million of delayed draw term loan commitments consisting of $400 million available, subject to conditions, through November 2027 and $500 million available, subject to conditions and specified regulatory approval milestones, through November 2028. source
• Borrowings under the Credit Agreement bear interest at a variable rate equal to Term SOFR plus a margin of 5.50% or a base rate plus a margin of 4.50%. source
• Borrowings under the Credit Agreement bear interest at a variable rate based on Term SOFR or a base rate plus an applicable margin and the principal is due in full at maturity in November 2030. source
• The Credit Agreement includes a financial covenant requiring maintenance of minimum cash and cash equivalents as defined, and the covenant is not required to be tested when the trailing average market capitalization of the Company exceeds $5.0 billion. source
• Moderna, Inc.'s increased other expense, net for the three and six months ended June 30, 2026 was largely driven by higher interest expense primarily related to long-term debt issued in November 2025 and finance leases related to certain contract manufacturing service agreements. source
• The interest rate applicable to the initial term loan was approximately 9.20% as of June 30, 2026 and 9.38% as of December 31, 2025. source

Impact estimates