Summary by Moomoo AI
BeiGene has entered into a $400 million uncommitted and unsecured credit facility agreement with China Merchants Bank on December 9, 2024. The facility provides loans with terms up to one year, to be repaid within 18 months of the signing date. The floating interest rate is based on the secured overnight financing rate plus an applicable margin, calculated daily and settled quarterly.The credit facility proceeds are intended for daily operations and refinancing of working capital loans. The agreement includes financial covenants requiring BeiGene to maintain specific ratios and balances, tested quarterly. Operating covenants include maintaining listing status, interest reserve, limitations on additional indebtedness, and preservation of key patents.BeiGene plans to repay $300 million of its existing $380 million credit facility in December 2024, with the remaining $80 million to be repaid in January 2025. This $80 million will count toward the availability under the new facility agreement. As of the report date, no borrowings were outstanding under the new facility.
