Cloudflare enters $400M senior secured revolver due 2029; no initial borrowings

Cloudflare, Inc.

$400M revolving credit facility with $30M sublimits for letters of credit and swingline loans.
Maturity May 17, 2029, with springing maturity if 2026 convertible notes remain outstanding and liquidity condition not met.
Interest at SOFR + 1.75%-2.50% or base rate + 0.75%-1.50%, depending on total net leverage ratio.
Commitment fee 0.25%-0.40% on unused portion; proceeds for working capital and general corporate purposes.
Covenants include max net leverage ratio and min interest coverage; no loans or letters of credit outstanding at closing.

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