8x8 secures $200M delayed draw term loan at lower interest rate to refinance existing debt

8X8 INC /DE/

New $200M delayed draw term loan with Wells Fargo, matures Aug 15, 2027, undrawn as of July 15, 2024.
Initial interest rate SOFR+3.00%, about 3.6pp lower than existing term loan; can step down to SOFR+2.50%.
Proceeds plus $25M from cash will prepay entire $225M outstanding under existing term loan due Aug 2027.
Scheduled principal payments: $22.5M FY25, $37.5M FY26, $47.5M FY27, $92.5M at maturity; stock repurchases allowed.
CFO Kevin Kraus says lower rate reflects lender confidence and enhances financial flexibility.

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