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Get filing alertsIllumina replaces credit facility with new $1B 5-year revolver, no amounts drawn
Filed August 13, 2026 · Period ending August 13, 2026 · ~1 min read
Key Changes
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high
Entered into $1B senior unsecured revolving credit facility maturing Aug 2031, with three optional 1-year extensions; includes $50M swingline and $75M letter-of-credit sublimits. No borrowings outstanding at signing.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
medium
Terminated prior credit agreement dated Jan 4, 2023, replacing it entirely with the new facility effective Aug 13, 2026.
Item 1.02 — Termination of a Material Definitive Agreement verify on EDGAR → -
medium
Variable interest rate based on SOFR or alternate base rate plus spread tied to debt rating; option to expand facility by up to $500M subject to lender consent.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
low
Facility includes maximum total leverage ratio covenant and standard operating restrictions on subsidiary debt, liens, and asset dispositions.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
Summary
Illumina replaced its existing credit facility with a new $1 billion five-year revolving credit agreement. The company terminated its prior credit agreement from January 2023 and simultaneously entered into the new facility on August 13, 2026. No amounts were drawn at signing, indicating this is a refinancing for financial flexibility rather than immediate capital needs.
The new facility offers standard terms for an investment-grade borrower: variable SOFR-based pricing tied to Illumina's debt rating, a five-year maturity with three optional one-year extensions, and the ability to expand capacity by up to $500 million with lender consent. The company can prepay or terminate commitments without penalty.
The facility includes a maximum leverage ratio covenant and typical operating restrictions on subsidiary debt and asset dispositions. This is a routine refinancing that maintains Illumina's access to committed liquidity on market-standard terms.
Section-by-Section Diff
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 also reports this as a direct financial obligation (body incorporates the primary Item by reference).
Added in current filing · verify on EDGAR →
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.
The company also filed this under Item 2.03, which means it is reporting the arrangement as a direct financial obligation. The Item 2.03 text refers back to the Item 1.01 entry for the terms rather than restating them.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
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 facility matures on August 13, 2031, with three optional one-year extensions available subject to lender consent. Illumina can prepay borrowings or terminate commitments at any time without penalty. No amounts were drawn at signing.
Added in current filing · verify on EDGAR →
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.
This new credit facility replaces Illumina's prior credit agreement dated January 4, 2023. The existing agreement and all commitments under it were terminated on August 13, 2026, coinciding with the new facility's effective date.
Event · Item 1.02 — Termination of a Material Definitive Agreement
Illumina terminated a material credit agreement, with details incorporated by reference from Item 1.01.
Added in current filing · verify on EDGAR →
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.
Illumina terminated a material credit agreement. The filing references Item 1.01 for details about the Credit Agreement and Existing Credit Agreement, but Item 1.01 is not included in the provided text. Without access to Item 1.01, the specific terms, parties, and circumstances of the termination cannot be determined from this excerpt alone.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 14, 2026 · How we verify