secwatch.observer — SEC 8-K summary
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Issuer:     ETSY INC (ETSY)
CIK:        0001370637
Form:       8-K
Filed at:   2023-03-27T23:59:59+00:00
Accession:  0001370637-23-000030
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1370637/000137063723000030/0001370637-23-000030-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1370637/000137063723000030/etsy-20230324.htm
  HTML page:      https://secwatch.observer/filing/0001370637-23-000030

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