secwatch.observer — SEC 8-K summary
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Issuer:     Cloudflare, Inc. (NET)
CIK:        0001477333
Form:       8-K
Filed at:   2024-05-21T23:59:59+00:00
Accession:  0001477333-24-000053
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1477333/000147733324000053/0001477333-24-000053-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1477333/000147733324000053/cloud-20240517.htm
  HTML page:      https://secwatch.observer/filing/0001477333-24-000053

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