secwatch.observer — SEC 8-K summary
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Issuer:     APPFOLIO INC (APPF)
CIK:        0001433195
Form:       8-K
Filed at:   2025-10-03T23:59:59+00:00
Accession:  0001433195-25-000134
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

AppFolio enters $150M secured revolving credit facility with PNC, maturing 2030
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1433195/000143319525000134/0001433195-25-000134-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1433195/000143319525000134/appf-20250930.htm
  HTML page:      https://secwatch.observer/filing/0001433195-25-000134

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