secwatch.observer — SEC 8-K summary
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Issuer:     HEALTHEQUITY, INC. (HQY)
CIK:        0001428336
Form:       8-K
Filed at:   2024-08-27T23:59:59+00:00
Accession:  0001428336-24-000098
Event type: debt
Sentiment:  positive
Materiality: 0.60
Item codes: 1.01, 2.03, 1.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

HealthEquity enters $1B credit facility, repays prior $512M debt
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- New $1,000,000,000 senior secured revolving credit facility entered Aug 23, 2024; $511.9M drawn to refinance prior debt.
- Prior 2021 credit agreement with $511.9M outstanding fully repaid and commitments terminated.
- Five-year maturity; includes $25M letter of credit sublimit and ability to incur up to $450M additional loans subject to leverage test.
- Interest at SOFR +1.25%-2.50% or base rate +0.25%-1.50%; commitment fee 0.25%-0.50%, based on leverage grid.
- Financial covenants: maximum total net leverage ratio 5.00:1 and minimum interest coverage ratio 3.00:1, effective Jan 31, 2025.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1428336/000142833624000098/0001428336-24-000098-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1428336/000142833624000098/hqy-20240823.htm
  HTML page:      https://secwatch.observer/filing/0001428336-24-000098

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