Abbott Laboratories has teed up the largest high-grade bridge loan this year — a $20 billion facility from Morgan Stanley — to fund its acquisition of Exact Sciences Corp.

The facility is for 364 days, according to people with knowledge of the transaction who asked not to be identified. It’s one of the largest sole committed financings of the past decade.

The bridge loan is also the largest among investment-grade borrowers for an acquisition since last August 2024, when Mars Inc. secured $29 billion for its purchase of Kellanova. Morgan Stanley led two other large bridge loans this year, which funded Keurig Dr Pepper Inc.’s $18 billion purchase of JDE Peet’s and Baker Hughes $9.6 billion acquisition of Chart Industries Inc.

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