01—Abstract
Summary
Summary of the 8-K filed August 13, 2026. Cited figures are marked; the original filing is the authoritative source.
Illumina, Inc. (ILMN) entered into a new credit agreement dated August 13, 2026, with Bank of America, N.A. as administrative agent, issuing bank and swingline lender, alongside other lenders and issuing banks.
The agreement provides a $1,000 milliona senior unsecured five-year revolving credit facility, with a $50 million sublimit for swingline borrowings and a $75 million sublimit for letters of credit. Loans bear variable interest based on either the term secured overnight financing rate or the alternate base rate, plus an applicable rate tied to the Company's debt rating. The Company may request an increase in commitments or add term loans of up to $500 million, subject to lender consent and other conditions.
The facility is intended to finance working capital needs and for general corporate or other lawful purposes of Illumina and its subsidiaries. It includes a maximum total leverage ratio financial covenant and operating covenants limiting subsidiary indebtedness, liens, and certain fundamental changes and asset dispositions. The facility matures on August 13, 2031, subject to three one-year extensions at the Company's option, lender consent and other conditions.
Borrowings may be prepaid and commitments terminated at any time without premium or penalty. As of the date of the report, no borrowings were outstanding. The new commitments replace in their entirety the commitments under the Credit Agreement dated January 4, 2023 (the Existing Credit Agreement), which was terminated as of August 13, 2026.
The filing also reports the termination under Item 1.02 and the financial obligation under Item 2.03 by reference to Item 1.01. The full agreement is filed as Exhibit 10.1.
02—Key points
Key Highlights
- Illumina entered into a $1,000 million senior unsecured five-year revolving credit facility dated August 13, 2026.
- Bank of America, N.A. serves as administrative agent, issuing bank and swingline lender.
- The facility includes a $50 million swingline sublimit and a $75 million letter of credit sublimit.
- An option allows up to $500 million in additional commitments or term loans, subject to lender consent.
- The facility matures August 13, 2031, with three one-year extensions at the Company's option.
- No borrowings were outstanding under the Credit Facility as of the report date.
- The new facility replaces the Existing Credit Agreement dated January 4, 2023, which was terminated as of August 13, 2026.
03—Questions
Frequently Asked Questions
How large is the new credit facility?
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.
When does the facility mature?
The facility matures on August 13, 2031, subject to three one-year extensions at the Company's option, the consent of the extending lenders and certain other conditions.
How is interest priced on borrowings?
Loans bear a variable 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.
Does the Company have any borrowings under the facility now?
As of the date of the report, no borrowings were outstanding under the Credit Facility.
What covenants apply to the facility?
The financial covenant is a maximum total leverage ratio. Operating covenants limit subsidiary indebtedness, liens on assets, and certain fundamental changes and asset dispositions, along with other customary covenants, representations, warranties and events of default.
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