Alnylam secures $500 million revolving credit facility

Alnylam Pharmaceuticals Inc. (NASDAQ: ALNY) entered into a $500 million revolving credit agreement on September 30, 2025, with Bank of America N.A. serving as administrative agent.

The revolving credit facility includes a $150 million letter of credit sublimit and allows the company to use proceeds for working capital and general corporate purposes. The agreement provides Alnylam with the option to incur additional incremental revolving commitments or term loans, subject to certain conditions, though lenders are not obligated to provide such additional funding.

Interest rates on borrowings are based on the company's Total Leverage Ratio and vary depending on the rate type selected. For term SOFR rate borrowings, the applicable margin ranges from 1.50% to 2.50% annually. The company must pay a quarterly commitment fee of 0.20% to 0.35% annually on unused available commitments, also based on its leverage ratio.

The credit facility requires guarantees from certain material domestic subsidiaries and is secured by substantially all assets of the company and subsidiary guarantors. The agreement includes standard covenants and requires Alnylam to maintain a Total Net Leverage Ratio of 3.75:1.00 or less and a Consolidated Interest Coverage Ratio of 3.00:1.00 or greater, tested quarterly.

The leverage ratio threshold may increase by 0.50:1.00 for four fiscal quarters following a material acquisition. Existing letters of credit issued prior to the closing date remain outstanding under the new agreement.

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