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AbbVie enters $3B credit agreement

AbbVie Inc. entered a credit agreement for a $3 billion unsecured revolving credit facility.

Borrowings under the agreement may, at AbbVie's election, bear interest at the base rate plus an applicable margin of 0.000% to 0.325% per annum, or the Eurocurrency rate plus an applicable margin of 0.700% to 1.325% per annum.

Additionally, the North Chicago, Ill.-based drugmaker repaid all outstanding obligations and terminated all outstanding commitments under a revolving credit agreement dated Aug. 18, 2014. The agreement was also for a $3 billion unsecured revolving credit facility.

JPMorgan Chase Bank, N.A. acted as administrative agent for both credit agreements.