RingCentral, Inc. (RNG): debt financing — RingCentral enters new $1.24B credit facility; $310M term loan drawn at closing

RingCentral, Inc.

New $280M revolver, $310M term loan (fully drawn), and $650M delayed draw term loan (undrawn at close).
Maturity September 2030; springing maturity tied to convertible notes due 2026 if liquidity or note thresholds breached.
Proceeds from initial term loan plus cash on hand used to repay existing term loan and related costs.
Delayed draw facility (up to $650M, four drawings) available through Sept 2026 to repurchase 0% convertible notes and for general purposes.
Financial covenants include max total net leverage ratio and min interest coverage ratio; interest rate margins based on leverage.

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

RingCentral, Inc. incurred term loan of $650.0 million delayed draw term loan facility with Bank of America, N.A., as administrative agent at term SOFR rate maturing September 11, 2030.

Instrument: term loan
Principal: $650.0 million delayed draw term loan facility
Counterparty: Bank of America, N.A., as administrative agent
Rate: term SOFR rate
Maturity: September 11, 2030
Event: incurrence

Exact text from the filing

and a $650.0 million delayed draw term loan facility (the “Delayed Draw Term Facility”)

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

RingCentral, Inc. incurred revolving credit of $280.0 million with Bank of America, N.A., as administrative agent at term SOFR rate maturing September 11, 2030.

Instrument: revolving credit
Principal: $280.0 million
Counterparty: Bank of America, N.A., as administrative agent
Rate: term SOFR rate
Maturity: September 11, 2030
Event: incurrence

Exact text from the filing

The Restated Credit Agreement provides for a $280.0 million revolving loan facility

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

RingCentral, Inc. incurred term loan of $310.0 million initial term loan facility with Bank of America, N.A., as administrative agent at term SOFR rate maturing September 11, 2030.

Instrument: term loan
Principal: $310.0 million initial term loan facility
Counterparty: Bank of America, N.A., as administrative agent
Rate: term SOFR rate
Maturity: September 11, 2030
Event: incurrence

Exact text from the filing

(the “Company”) entered into an Amendment and Restatement Agreement (the “Restatement Agreement”), among the Company, the other loan parties party thereto, the lenders party thereto and Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”).

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309 debt financings filed in the last 30 days. Browse all debt financings →

RingCentral, Inc. filing history →

Source: SEC EDGAR

accession 0001384905-25-000045

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