debt
confidence high
sentiment neutral
materiality 0.50
Tenable closes $400M senior secured revolving credit facility, refinancing prior Term Loan B and revolver
Tenable Holdings, Inc.
- $400.0M senior secured revolving facility closed Oct 13, 2026; replaces prior Term Loan B and a revolver that matured in July.
- Facility initially undrawn, with ~$200,000 letters of credit outstanding; matures Oct 13, 2031, with springing maturity if other debt triggers.
- Covenants: Total Leverage Ratio ≤4.00:1.00 and Interest Coverage ≥3.00:1.00, each tested quarterly; 0.50 leverage step-up for four quarters post Material Acquisition.
- Interest at base rate, term SOFR or alternative currency rate plus margin tied to leverage; commitment fee 0.175%-0.35% on unused availability.
- Proceeds for working capital and general corporate purposes; combined with September convertible note financing, completes refinancing of prior credit agreement.