8-KMaterial AgreementsFinancial EventsExhibits & Filings

Cboe Global Markets, Inc. 8-K Report, Material Agreement (Jul 2, 2021)

Filed July 2, 2021For Securities:CBOE

Summary

Cboe Global Markets, Inc. (CBOE) has filed an 8-K report detailing an amendment and restatement of its Euro 1.5 billion credit facility with European Central Counterparty N.V. (EuroCCP). This amendment, effective July 1, 2021, extends the facility's term to June 30, 2022, and introduces several key changes aimed at modernizing its terms and aligning with current market practices. Notable adjustments include the update of benchmark rates, removal of LIBOR references, and a reduction in the minimum tangible net worth requirement. The facility also includes a new tranche for increased access to certain currencies and revised borrowing base calculations. These changes are designed to enhance flexibility and ensure the facility remains relevant and compliant with evolving financial regulations and market standards.

Key Highlights

  • 1Cboe Global Markets, Inc. has amended and restated its Euro 1.5 billion credit facility with EuroCCP.
  • 2The term of the credit facility has been extended to June 30, 2022.
  • 3The amendment removes references to LIBOR and updates benchmark rates for U.S. dollar swingline loans.
  • 4A new tranche has been added to the revolving and swingline facilities to improve access to certain currencies.
  • 5The minimum tangible net worth requirement for EuroCCP has been reduced from Euro 24 million to Euro 20 million.
  • 6Borrowing base calculations have been updated to better reflect EuroCCP's collateral.
  • 7Certain provisions have been modified to incorporate updates in applicable laws and regulations.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report the material definitive agreement entered into by Cboe Global Markets, Inc. concerning the amendment and restatement of its Euro 1.5 billion credit facility with European Central Counterparty N.V. (EuroCCP).

The extension of the credit facility to June 30, 2022, maintains the existing Euro 1.5 billion credit line available to EuroCCP, with Cboe acting as guarantor. The terms have been updated, but the fundamental obligation to guarantee the facility remains in effect under the amended terms.

Yes, the amendment reduces the minimum tangible net worth requirement for EuroCCP from Euro 24 million to Euro 20 million. Additionally, borrowing base calculations have been updated to more accurately reflect EuroCCP's collateral.

The removal of LIBOR references reflects the global shift away from LIBOR as a benchmark interest rate. This update ensures the credit facility uses more current and sustainable alternative reference rates, reducing future uncertainty and compliance risks associated with the transition away from LIBOR.