MRNA · 10-Q · 2026Q3 · Full report

Interest Rate Exposure

Moderna, Inc. · 2026-11-06 · Importance 33 · Surprise 14

Moderna’s senior secured term loan bears interest at a variable rate of Term SOFR plus 5.50% or a base rate plus 4.50%, at the Company’s option. The initial term loan’s interest rate was approximately 9.23% at September 30, 2026, compared with 9.38% at December 31, 2025. The Credit Agreement also provides for up to $1.5 billion in aggregate term loan commitments, exposing borrowing costs to changes in benchmark rates.

Key facts

• Borrowings under Moderna's credit agreement bear interest at a variable rate based on Term SOFR or a base rate, at Moderna's option, plus an applicable margin; principal is due in full at maturity in November 2030. source
• Borrowings under Moderna’s credit agreement bear variable interest at the company’s option at Term SOFR plus 5.50% or a base rate plus 4.50%. source
• The initial term loan’s interest rate was approximately 9.23% at September 30, 2026, compared with 9.38% at December 31, 2025. source
• Interest income decreased by $11 million, or 15%, in the third quarter of 2026 and by $43 million, or 18%, in the first nine months of 2026, primarily due to lower average investment balances and interest rates. source