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AbbVie enters $3B credit agreement

AbbVie Inc. on May 17 entered a credit agreement for up to $3 billion in term loans, according to an SEC filing.

The agreement's closing date is on or before June 30, with a maturity date 364 calendar days thereafter.

Borrowings under the agreement may, at AbbVie's election, bear interest at either the base rate plus a 0.0% per annum applicable margin or the Eurocurrency rate plus a 0.875% per annum applicable margin.

AbbVie plans to use proceeds for general corporate purposes, including debt repayments and share repurchases.

Bank of America NA is acting as administrative agent for the credit agreement.

North Chicago, Ill.-based AbbVie develops and markets pharmaceutical products worldwide.