Box amends credit facility: revolver cut to $65M, maturity extended to 2024

BOX INC

Revolving commitments reduced from $100M to $65M; maturity extended from July 2022 to July 2024.
New financial covenants: max senior secured leverage 3.00x, max total leverage 6.00x, min interest coverage 3.00x.
Pricing grid based on senior secured leverage ratio: Prime rate + 0.15%-0.65%, LIBOR + 1.15%-1.65%.
Increased flexibility for acquisitions, liens, dividends, share repurchases, investments, and asset dispositions.
As of July 26, 2021, $30M revolver outstanding and $19M in letters of credit.

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