Lyft Amends Revolving Credit Agreement to Permit Refinancing of Convertible Notes and Extend Liquidity Covenant

Lyft, Inc.

Amendment allows Lyft to repurchase up to $450M of its 2025 convertible senior notes.
Liquidity covenant extended to fiscal quarter ending June 30, 2024, with minimum $1.5B liquidity.
Total leverage ratio stepdown from 3.50x to 3.00x delayed to fiscal quarter ending March 31, 2025.
Lyft permitted to refinance junior debt including 2025 convertible notes with new convertible or subordinated debt.
Amendment entered with JPMorgan Chase, Royal Bank of Canada, Bank of America, and other lenders.

Key facts

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Lyft, Inc. amended Amendment No. 1 to Revolving Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders (effective 2023-12-12).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders
Effective: 2023-12-12

Exact text from the filing

On December 12, 2023 (the “Effective Date”), Lyft, Inc. (the “Company”) entered into Amendment No. 1 to Revolving Credit Agreement (the “Amendment”), with the other loan parties party thereto, JPMorgan Chase Bank, N.A., as administrative agent (the “Agent”), and certain lenders party thereto

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Source: SEC EDGAR

accession 0001759509-23-000123

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