APPFOLIO INC (APPF): debt financing — AppFolio enters $150M secured revolving credit facility with PNC, maturing 2030

APPFOLIO INC

Facility is a $150M senior secured revolver with $25M sublimits for letters of credit and swingline loans.
No borrowings outstanding at closing; proceeds available for general corporate purposes.
Interest at SOFR plus 125-200 bps (or Base Rate plus 25-100 bps) depending on leverage ratio.
Financial covenant: max Consolidated Net Leverage Ratio of 3.75:1 (4.25:1 during Acquisition Step-Up Period).
Facility matures September 30, 2030; commitments can be increased subject to conditions.

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

APPFOLIO INC incurred credit facility of $150.0 million with PNC Bank, National Association at one-, three-, or six-month Term SOFR (as defined in the Credit Facility) plus a maturing September 30, 2030.

Instrument: credit facility
Principal: $150.0 million
Counterparty: PNC Bank, National Association
Rate: one-, three-, or six-month Term SOFR (as defined in the Credit Facility) plus a
Maturity: September 30, 2030
Event: incurrence

Exact text from the filing

and PNC Bank, National Association, in its capacity as Administrative Agent, Swingline Loan Lender and Issuing Lender (the “Credit Facility”). The Credit Facility provides for a $150.0 million senior secured revolving credit facility with a $25.0 million sublimit for the issuance of letters of credit and a $25 million sublimit for swingline loans. The Credit Facility

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Source: SEC EDGAR

accession 0001433195-25-000134

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