NEW YORK, November 24, 2025 – Proskauer advised Ares Management Credit funds (“Ares”) on the closing of a five-year term loan facility for up to $1.5 billion of capital for Moderna, Inc. (“Moderna”) (NASDAQ:MRNA), a leader in the creation of the field of mRNA medicine. The investment will support Moderna’s long-term growth and ability to navigate a dynamic market environment.
The non-dilutive debt financing consists of three tranches over five years, including a $600 million initial term loan funded at closing; a $400 million delayed draw term loan facility (DDTL), available in multiple draws at Moderna's discretion through November 2027; and an additional $500 million 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.
Our team was led by partners Justin Breen and Bharat Moudgil (Global Finance) and associates Karl (Ke Yang) Xia and Peter Luu (Private Credit). It also included partners Joseph Drayton and Fangli Chen, Ph.D. and associate Nick Prairie (Patents); partner Devin Cohen, senior counsel Matt Westbrook and associate Jacquelyn Daniel (Health Care); senior counsel Judith Rubin (Privacy & Cybersecurity); and special tax counsel Amy Zelcer (Tax).
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