Illumina secured a $1 billion credit facility with Bank of America and simultaneously filed for an underwriting agreement to issue $300 million of 4.950% notes due 2029. The new revolving/term structure replaces a prior facility from January 2023, while the notes issuance is aimed at refinancing existing debt. Illumina said the credit facility includes a $50 million swingline sublimit and $75 million letters of credit sublimit, with a maturity date of Aug. 13, 2031, subject to extensions. Separately, the company plans to use net proceeds from the note offering, plus cash on hand, to repay its 4.650% notes due Sept. 9, 2026. The financing supports Illumina’s ongoing operational and strategic priorities as the sequencing supplier navigates competitive pressures across genomics platforms and regulatory requirements for clinical adoption. The close of the notes deal is expected Aug. 17, per the underwriting arrangement.