---
schema_version: "secwatch.filing_event.v1"
accession: "0001327567-23-000009"
form_type: "8-K"
ticker: "PANW"
cik: "0001327567"
company_name: "Palo Alto Networks Inc"
filed_at: "2023-04-19T23:59:59+00:00"
generated_at: "2026-06-16T23:28:38.923250+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Palo Alto Networks enters $400M revolving credit facility, expandable to $750M

## Summary
- Unsecured $400M revolver, accordion up to $750M, matures April 13, 2028.
- Commitment fee 0.090%-0.150%; interest SOFR+1.00%-1.375% or Base Rate+0.00%-0.375%.
- Covenants: leverage ≤3.50x (4.00x post M&A) and interest coverage ≥3.00x.
- Sustainability-linked pricing adjustments up to 0.01% fee / 0.05% margin based on GHG targets.
- No initial borrowings; proceeds for general corporate purposes.

## SEC filing metadata
- accession: 0001327567-23-000009
- form_type: 8-K
- ticker: PANW
- cik: 0001327567
- company_name: Palo Alto Networks Inc
- filed_at: 2023-04-19T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1327567/000132756723000009/0001327567-23-000009-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1327567/000132756723000009/panw-20230413.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001327567-23-000009
- JSON: https://secwatch.observer/filing/0001327567-23-000009.json
- Plain text: https://secwatch.observer/filing/0001327567-23-000009.txt

## Key facts
- Debt Financings
  Palo Alto Networks Inc incurred revolving credit of $400.0 million with Wells Fargo Bank, N.A., as administrative agent at Adjusted Term SOFR plus the Applicable Rate maturing April 13, 2028.
  - Instrument: revolving credit
  - Principal: $400.0 million
  - Counterparty: Wells Fargo Bank, N.A., as administrative agent
  - Rate: Adjusted Term SOFR plus the Applicable Rate
  - Maturity: April 13, 2028
  - Event: incurrence
  source text: The Credit Agreement provides for an unsecured revolving loan facility in an initial aggregate principal amount of $400.0 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1327567/000132756723000009/0001327567-23-000009-index.htm
- Material Agreements
  Palo Alto Networks Inc entered into Credit Agreement with Wells Fargo Bank, N.A. valued at $400 million revolving credit facility, up to $750 million with additional commitments (effective 2023-04-13).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Wells Fargo Bank, N.A.
  - Value: $400 million revolving credit facility, up to $750 million with additional commitments
  - Effective: 2023-04-13
  source text: On April 13, 2023, Palo Alto Networks, Inc. (the "Company") entered into a Credit Agreement (the "Credit Agreement"), by and among the Company, the lenders from time to time party thereto and Wells Fargo Bank, N.A., as administrative agent (the "Administrative Agent").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1327567/000132756723000009/0001327567-23-000009-index.htm

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