07:33 AM EST, 11/20/2025 (MT Newswires) -- Moderna ( MRNA ) said Thursday that it closed a five-year term loan facility of up to $1.5 billion from Ares Management ( ARES ) Credit Funds.

The company said the facility is comprised of a $600 million initial term loan funded at closing, a $400 million delayed draw term loan facility, or DDTL, available in multiple draws through November 2027. The credit facility also includes another $500 million DDTL available in multiple draws through November 2028, though this last tranche is contingent on Moderna's ( MRNA ) achievement of certain regulatory milestones.