---
schema_version: "secwatch.filing_event.v1"
accession: "0001370637-23-000030"
form_type: "8-K"
ticker: "ETSY"
cik: "0001370637"
company_name: "ETSY INC"
filed_at: "2023-03-27T23:59:59+00:00"
generated_at: "2026-06-17T14:35:42.388938+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Etsy enters $400M senior secured revolving credit facility maturing 2028

## Summary
- 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.

## SEC filing metadata
- accession: 0001370637-23-000030
- form_type: 8-K
- ticker: ETSY
- cik: 0001370637
- company_name: ETSY INC
- filed_at: 2023-03-27T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1370637/000137063723000030/0001370637-23-000030-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1370637/000137063723000030/etsy-20230324.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001370637-23-000030
- JSON: https://secwatch.observer/filing/0001370637-23-000030.json
- Plain text: https://secwatch.observer/filing/0001370637-23-000030.txt

## Key facts
- Debt Financings
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1370637/000137063723000030/0001370637-23-000030-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1370637/000137063723000030/0001370637-23-000030-index.htm

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