AKAMAI TECHNOLOGIES INC (AKAM): debt financing — Akamai enters new $500M revolving credit facility maturing Nov 2027, replaces existing facility

AKAMAI TECHNOLOGIES INC

New $500M revolving credit agreement with JPMorgan as administrative agent, matures Nov 22, 2027.
Replaces existing $500M facility that was scheduled to mature May 10, 2023.
Facility can be increased to up to $1 billion under specified circumstances.
Financial covenant: maximum consolidated leverage ratio of 3.50:1.00 (step-up for material acquisitions).
Interest rates: Term SOFR + 0.75%-1.125% margin based on leverage ratio.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AKAMAI TECHNOLOGIES INC incurred revolving credit of $500 million with JPMorgan Chase Bank, N.A. at Adjusted Term SOFR Rate plus an interest margin that varies between 0.75% and 1. maturing November 22, 2027.

Instrument: revolving credit
Principal: $500 million
Counterparty: JPMorgan Chase Bank, N.A.
Rate: Adjusted Term SOFR Rate plus an interest margin that varies between 0.75% and 1.
Maturity: November 22, 2027
Event: incurrence

Exact text from the filing

On November 22, 2022, Akamai Technologies, Inc. (the “Registrant”) entered into a $500 million five-year, revolving credit agreement (the “Credit Agreement”) with the financial institutions identified therein as Lenders and JPMorgan Chase Bank, N.A., as Administrative Agent.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

AKAMAI TECHNOLOGIES INC terminated Existing Credit Agreement with JPMorgan Chase Bank, N.A. and other lenders valued at Termination of $500,000,000 revolving credit facility (effective 2022-11-22).

Action: termination
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A. and other lenders
Value: Termination of $500,000,000 revolving credit facility
Effective: 2022-11-22

Exact text from the filing

On November 22, 2022, upon entry into the Credit Agreement described in Item 1.01 above, the Registrant terminated its Existing Credit Agreement.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

AKAMAI TECHNOLOGIES INC entered into Credit Agreement with JPMorgan Chase Bank, N.A. and other lenders valued at $500,000,000 revolving credit facility (effective 2022-11-22).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A. and other lenders
Value: $500,000,000 revolving credit facility
Effective: 2022-11-22

Exact text from the filing

On November 22, 2022, Akamai Technologies, Inc. (the “Registrant”) entered into a $500 million five-year, revolving credit agreement (the “Credit Agreement”) with the financial institutions identified therein as Lenders and JPMorgan Chase Bank, N.A., as Administrative Agent.

View on SEC.gov

10 debt financings filed in the last 30 days. Browse all debt financings →

AKAMAI TECHNOLOGIES INC filing history →

Source: SEC EDGAR

accession 0001193125-22-292004

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