---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-281561"
form_type: "8-K"
ticker: "TW"
cik: "0001758730"
company_name: "Tradeweb Markets Inc."
filed_at: "2023-11-21T23:59:59+00:00"
generated_at: "2026-06-07T22:45:40.289184+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Tradeweb enters $500M unsecured revolving credit facility, maturing Nov 2028

## Summary
- New $500M revolving credit facility replaces prior $500M facility; no penalties on termination.
- Facility matures Nov 21, 2028; includes $250M accordion feature under certain conditions.
- Credit agreement is unsecured, with no subsidiary guarantees; leverage covenant max 3.5x (4.0x after material acquisition).
- Minimum interest coverage ratio of 3.0x required; swingline up to $50M, letters of credit up to $5M rolled over.
- Borrowings denominated in USD, EUR, or GBP; interest based on SOFR, SONIA, or EURIBOR plus margin.

## SEC filing metadata
- accession: 0001193125-23-281561
- form_type: 8-K
- ticker: TW
- cik: 0001758730
- company_name: Tradeweb Markets Inc.
- filed_at: 2023-11-21T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1758730/000119312523281561/0001193125-23-281561-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1758730/000119312523281561/d575172d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-281561
- JSON: https://secwatch.observer/filing/0001193125-23-281561.json
- Plain text: https://secwatch.observer/filing/0001193125-23-281561.txt

## Key facts
- Debt Financings
  Tradeweb Markets Inc. incurred revolving credit of $500.0 million with Citibank, N.A. at Term SOFR plus a credit adjustment spread of 0.10% maturing November 21, 2028.
  - Instrument: revolving credit
  - Principal: $500.0 million
  - Counterparty: Citibank, N.A.
  - Rate: Term SOFR plus a credit adjustment spread of 0.10%
  - Maturity: November 21, 2028
  - Event: incurrence
  source text: The Credit Agreement provides for a revolving credit facility in an aggregate principal amount of $500.0 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1758730/000119312523281561/0001193125-23-281561-index.htm
- Material Agreements
  Tradeweb Markets Inc. terminated Terminated Credit Agreement with Citibank, N.A., as administrative agent, collateral agent, issuing bank and swing line lender, Citigroup Global Markets Inc., JPMorgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc. and Goldman Sachs Bank USA, as joint lead arrangers and joint bookrunners valued at $500.0 million (effective 2023-11-21).
  - Action: termination
  - Agreement: credit facility
  - Counterparty: Citibank, N.A., as administrative agent, collateral agent, issuing bank and swing line lender, Citigroup Global Markets Inc., JPMorgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc. and Goldman Sachs Bank USA, as joint lead arrangers and joint bookrunners
  - Value: $500.0 million
  - Effective: 2023-11-21
  source text: On the Closing Date, concurrently and in connection with entry into the Credit Agreement, the Company terminated the existing credit agreement, dated as of April 8, 2019 (the “ Terminated Credit Agreement ”), by and among the Company, as borrower, the lenders from time to time party thereto, Citibank, N.A., as administrative agent, collateral agent, issuing bank and swing line lender, Citigroup Global Markets Inc., JPMorgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc. and Goldman Sachs Bank USA, as joint lead arrangers and joint bookrunners, JPMorgan Chase Bank, N.A., as syndication agent, and Morgan Stanley Senior Funding, Inc. and Goldman Sachs Bank USA, as documentation agents.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1758730/000119312523281561/0001193125-23-281561-index.htm
- Material Agreements
  Tradeweb Markets Inc. entered into Credit Agreement with Citibank, N.A., as administrative agent, issuing bank and swing line lender, and Citigroup Global Markets Inc., JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding, Inc., as joint lead arrangers and joint bookrunners valued at $500.0 million (effective 2023-11-21).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Citibank, N.A., as administrative agent, issuing bank and swing line lender, and Citigroup Global Markets Inc., JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding, Inc., as joint lead arrangers and joint bookrunners
  - Value: $500.0 million
  - Effective: 2023-11-21
  source text: On November 21, 2023 (the “ Closing Date ”), Tradeweb Markets LLC (the “ Company ”), a wholly owned subsidiary of Tradeweb Markets Inc., entered into a credit agreement (the “ Credit Agreement ”), by and among the Company, as borrower, the lenders from time to time party thereto, Citibank, N.A., as administrative agent, issuing bank and swing line lender, and Citigroup Global Markets Inc., JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding, Inc., as joint lead arrangers and joint bookrunners.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1758730/000119312523281561/0001193125-23-281561-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.