Debt

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Debt

Debt

As described in Note 10, we purchased shares of our Common Stock from Sanofi, in connection with Sanofi's secondary offering of our Common Stock held by Sanofi, with a combination of cash on hand, proceeds from the sale of marketable securities, and proceeds from loans under a $1.5 billion senior unsecured 364-day bridge loan facility (the "Bridge Facility") which was entered into in May 2020. The loans under the Bridge Facility bear interest at a variable interest rate based on either the London Interbank Offered Rate or the alternate base rate, plus an applicable margin that varies with our debt rating and total leverage ratio. The interest rate on the loans under the Bridge Facility was 2.75% as of June 30, 2020. The Bridge Facility will mature, and all amounts outstanding thereunder will become due and payable, in May 2021. Amounts borrowed under the Bridge Facility may be prepaid at any time without premium or penalty. As of June 30, 2020, $1.5 billion remained outstanding under the Bridge Facility.

The credit agreement governing the Bridge Facility (the "Bridge Credit Agreement") contains financial and operating covenants, which are substantially similar to the covenants set forth in our existing $750.0 million senior unsecured five-year revolving credit facility. Financial covenants include a maximum total leverage ratio and a minimum interest expense coverage ratio. We were in compliance with all covenants of the Bridge Credit Agreement as of June 30, 2020.