ETSY INC (ETSY): debt financing — Etsy enters $400M senior secured revolving credit facility maturing 2028

ETSY INC

New $400M revolver replaces 2019 facility; matures March 2028; $60M LC and $20M swingline sublimits.
Interest at SOFR + 1.50%-2.25% or base rate + 0.50%-1.25%; unused commitment fee 0.20%-0.35%.
Financial covenant: senior secured net leverage ≤3.50x, can step to 4.00x for material acquisitions.
No borrowings drawn at March 27, 2023; negative covenants restrict debt, dividends, and stock buybacks.
Obligations secured by all or substantially all assets of Etsy and domestic subsidiaries.

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

ETSY INC incurred revolving credit of $400.0 million with lenders party thereto, with JPMorgan Chase Bank N.A. as administrative agent at adjusted Term SOFR rate plus a margin ranging from 1.50% to 2.25% (or base rate maturing March 2028.

Instrument: revolving credit
Principal: $400.0 million
Counterparty: lenders party thereto, with JPMorgan Chase Bank N.A. as administrative agent
Rate: adjusted Term SOFR rate plus a margin ranging from 1.50% to 2.25% (or base rate
Maturity: March 2028
Event: incurrence

Exact text from the filing

On March 24, 2023, Etsy, Inc. (“Etsy”) entered into a $400.0 million senior secured revolving credit facility pursuant to an Amended and Restated Credit Agreement (the “2023 Credit Agreement”) among Etsy, as borrower, certain subsidiaries of Etsy party thereto as guarantors, the lenders party thereto and JPMorgan Chase Bank N.A., as administrative Agent.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ETSY INC entered into 2023 Credit Agreement with JPMorgan Chase Bank N.A., as administrative agent, and the lenders party thereto valued at $400.0 million (effective 2023-03-24).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank N.A., as administrative agent, and the lenders party thereto
Value: $400.0 million
Effective: 2023-03-24

Exact text from the filing

On March 24, 2023, Etsy, Inc. (“Etsy”) entered into a $400.0 million senior secured revolving credit facility pursuant to an Amended and Restated Credit Agreement (the “2023 Credit Agreement”) among Etsy, as borrower, certain subsidiaries of Etsy party thereto as guarantors, the lenders party thereto and JPMorgan Chase Bank N.A., as administrative Agent.

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Source: SEC EDGAR

accession 0001370637-23-000030

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