Illumina (ILMN) secures $1B unsecured revolver with option for $500M more
Rhea-AI Filing Summary
Illumina, Inc. entered into a new $1,000 million senior unsecured revolving credit facility with a syndicate of lenders and Bank of America, N.A. as administrative agent, issuing bank and swingline lender. The facility includes a $50 million swingline sublimit and a $75 million letter of credit sublimit.
Borrowings will bear a variable interest rate based on term SOFR or an alternate base rate, plus a margin that varies with Illumina’s debt rating. The agreement permits Illumina, subject to lender consent and conditions, to increase commitments or add term loans by up to $500 million. The facility matures on August 13, 2031 and may be extended for up to three additional one-year periods. It contains a maximum total leverage ratio covenant and operating covenants limiting subsidiary indebtedness, liens, fundamental changes and asset dispositions. Amounts may be prepaid and commitments terminated at any time without premium or penalty, and there were no borrowings outstanding as of the date referenced. This facility replaces and terminates the company’s prior 2023 credit agreement.
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8-K Event Classification
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Key Terms
revolving credit facility financial
swingline borrowings financial
letters of credit financial
maximum total leverage ratio financial
events of default financial
FAQ
What new credit facility did Illumina (ILMN) enter into on August 13, 2026?
How can Illumina (ILMN) expand its new credit capacity under the Credit Agreement?
What are the interest rate terms on Illumina’s (ILMN) new Credit Facility?
What covenants apply to Illumina (ILMN) under the new Credit Agreement?
Did Illumina (ILMN) have any outstanding borrowings under the new Credit Facility at signing?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Current Report
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| Item 1.01. | Entry into a Material Definitive Agreement. |
Entry into Credit Agreement
On August 13, 2026, Illumina, Inc. (“Illumina” or the “Company”) entered into a credit agreement (the “Credit Agreement”) among the Company, as the borrower, the lenders from time to time party thereto, Bank of America, N.A., as administrative agent, an issuing bank and the swingline lender, and the other issuing banks from time to time party thereto.
The Credit Agreement provides for a $1,000 million senior unsecured five-year revolving credit facility (with a $50 million sublimit for swingline borrowings and a $75 million sublimit for letters of credit) (the “Credit Facility”). Any loans under the Credit Facility will have a variable interest rate based on either the term secured overnight financing rate or the alternate base rate, plus an applicable rate that varies with the Company’s debt rating. The Credit Agreement includes an option for the Company to 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 $500 million, subject to the consent of the lenders providing the additional commitments or term loans, as applicable, and certain other conditions.
The proceeds of the loans under the Credit Facility may be used to finance the working capital needs, and for general corporate or other lawful purposes, of Illumina and its subsidiaries.
The Credit Agreement contains financial and operating covenants. The financial covenant provides for a maximum total leverage ratio. Operating covenants include, among other things, limitations on (i) the incurrence of indebtedness by the Company’s subsidiaries, (ii) liens on assets of the Company and its subsidiaries and (iii) certain fundamental changes and the disposition of assets by the Company and its subsidiaries. The Credit Agreement contains other customary covenants, representations and warranties, and events of default.
The Credit Facility matures, and all amounts outstanding thereunder will become due and payable in full, on August 13, 2031, subject to three one-year extensions at the option of the Company, the consent of the extending lenders and certain other conditions. Amounts borrowed under the Credit Facility may be prepaid, and the commitments under the Credit Facility may be terminated by the Company, at any time without premium or penalty. As of the date of this report, no borrowings were outstanding under the Credit Facility.
The commitments under the Credit Agreement replace, in their entirety, the commitments under the Credit Agreement dated as of January 4, 2023 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Existing Credit Agreement”), among the Company, as the borrower, the lenders party thereto, Bank of America, N.A., as administrative agent, an issuing bank and the swingline lender, and the other issuing banks party thereto. The Existing Credit Agreement and the commitments thereunder were terminated as of August 13, 2026.
The foregoing summary of the Credit Agreement is qualified in its entirety by the full text of the Credit Agreement, which is attached as Exhibit 10.1 hereto and is incorporated herein by reference.
| Item 1.02. | Termination of a Material Definitive Agreement. |
The information set forth in Item 1.01 with respect to the Credit Agreement and the Existing Credit Agreement is hereby incorporated by reference into this Item 1.02 insofar as it relates to the termination of a material definitive agreement of the Company.
| Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth under “Item 1.01. Entry into a Material Definitive Agreement” is incorporated herein by reference.
| Item 9.01. | Exhibits. |
| Exhibit Number | Description of Exhibit | |
| 10.1 | Credit Agreement, dated as of August 13, 2026, among the Company, as the borrower, the lenders from time to time party thereto, Bank of America, N.A., as administrative agent, an issuing bank and the swingline lender, and the other issuing banks from time to time party thereto | |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 13, 2026
| ILLUMINA, INC., | |||
| By | |||
| /s/ Ankur Dhingra | |||
| Name: | Ankur Dhingra | ||
| Title: | Chief Financial Officer | ||