Moderna (MRNA) closed a five-year term loan facility for up to $1.5B of capital from Ares Management Credit Funds to increase flexibility. The non-dilutive debt financing consists of three tranches over five years, including: A $600M initial term loan funded at closing; A $400M delayed draw term loan facility, available in multiple draws at Moderna’s discretion through November 2027; An additional $500M DDTL, available in multiple draws at Moderna’s discretion through November 2028. This tranche is contingent on the achievement of key regulatory milestones aligned with Moderna’s late-stage clinical pipeline.
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