MRNA · 10-Q · 2026Q3 · Full report
Outstanding Indebtedness
Moderna, Inc. · 2026-11-06 · Importance 44 · Surprise 24 · Matches filing data
In November 2025, Moderna entered a credit agreement providing for a $1.5 billion term-loan facility and had drawn $600 million as of September 30, 2026. The facility includes $400 million of delayed-draw commitments available, subject to conditions, through November 2027 and another $500 million available, subject to conditions and specified regulatory approval milestones, through November 2028; borrowings carry a variable rate based on Term SOFR or a base rate plus a margin and mature in November 2030. In September 2026, Moderna issued $3.0 billion of 0.00% Convertible Senior Notes due 2032, received approximately $3.0 billion in net proceeds, and used $329 million to fund capped-call transactions.
Key facts
- In November 2025, Moderna entered into a credit agreement with lenders led by Ares Capital Corporation for a term loan facility with aggregate commitments of $1.5 billion. source
- The credit agreement provides $900 million of delayed-draw term loan commitments: $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
- Moderna entered into a credit agreement in November 2025 providing a $1.5 billion senior secured term loan facility, consisting of an initial loan and delayed-draw commitments. source
- As of September 30, 2026, Moderna had drawn $600 million under the initial term loan. source
- The initial term loan under Moderna’s credit agreement matures on November 24, 2030. source
- The credit agreement’s DDTL-1 facility is available, subject to customary conditions, through November 24, 2027. source
- The credit agreement’s DDTL-2 facility is available, subject to customary conditions and specified regulatory approval milestones for certain product candidates, through November 24, 2028. source
- Moderna’s interest expense was primarily related to its November 2025 term loan, September 2026 convertible notes and finance leases for certain contract manufacturing service agreements. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -4.5% | As of September 30, 2026, Moderna had drawn $600 million under the initial term loan. |