Original from: genomeweb

Illumina said on Monday that it has entered into a credit agreement with JP Morgan.

Under the terms of the agreement, the company will be able to draw on a senior unsecured term loan credit facility with a principal amount of up to $750 million. The current borrowing rate under the credit facility is approximately 6.7 percent. 

In a Form 8-K filed with the US Securities and Exchange Commission, Illumina said the proceeds may be used "to fund cash to the balance sheet of Grail, in connection with [Illumina's] planned divestment of Grail." 

Earlier this month, Illumina announced that it would be divesting Grail by issuing shares to Illumina investors.

Illumina said it expects to draw the credit facility in full on June 20. 

In Monday morning trading on the Nasdaq, shares of Illumina were flat at $109.07.

Source: Illumina Enters Into $750M Credit Agreement With JP Morgan to Fund Grail Divestment