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Cboe Global Markets, Inc. 8-K Report, Material Agreement (Jul 28, 2026)

Filed July 28, 2026For Securities:CBOE

Summary

Cboe Global Markets, Inc. (CBOE) has entered into a Third Amended and Restated Credit Agreement, significantly enhancing its financial flexibility. This new agreement provides a $400 million senior unsecured revolving credit facility with a potential to expand to $600 million, maturing in July 2031. This facility offers borrowers options for interest rate calculations, including Term SOFR, SONIA, or EURIBOR for USD, Sterling, and Euros respectively, plus a margin based on public debt ratings. It also includes a $25 million swing line sub-facility and allows for subsidiaries to be added as borrowers with Cboe's guarantee. This updated credit facility is crucial for Cboe's ongoing operations and strategic initiatives. Key financial covenants include a minimum consolidated interest coverage ratio of 4.00:1.00 and a maximum consolidated leverage ratio of 3.50:1.00, with provisions allowing temporary increases to the leverage ratio under specific conditions. The agreement also incorporates updated legal requirements and provides additional permissions for Cboe's clearing activities. Investors should note the facility's substantial size, flexibility in borrowing and interest rate options, and the financial covenants designed to ensure the company maintains a strong financial position.

Key Highlights

  • 1Cboe Global Markets, Inc. entered into a Third Amended and Restated Credit Agreement on July 24, 2026.
  • 2The agreement establishes a $400 million, five-year senior unsecured revolving credit facility, with an option to increase commitments by up to $200 million ($600 million total).
  • 3The facility includes a $25 million swing line sub-facility.
  • 4Borrowing interest rates can be based on Term SOFR/SONIA/EURIBOR plus a margin (0.75%-1.25%) or prime rate plus a margin (0%-0.25%), with applicable floors.
  • 5The agreement allows for subsidiaries to be designated as additional borrowers, subject to Cboe's guarantee.
  • 6Key financial covenants require a minimum consolidated interest coverage ratio of 4.00:1.00 and a maximum consolidated leverage ratio of 3.50:1.00, with flexibility for temporary increases.
  • 7The credit facility matures on July 24, 2031, and includes customary covenants, events of default, and indemnification provisions.

Frequently Asked Questions

This Form 8-K filing announces Cboe Global Markets, Inc.'s entry into a Third Amended and Restated Credit Agreement. This agreement updates and restates the company's existing credit facility, providing important details about its borrowing capacity, terms, interest rates, and financial covenants.

The new revolving credit facility provides for a senior unsecured amount of $400 million. The company has the option to increase commitments by up to an additional $200 million, bringing the potential total to $600 million. The agreement matures on July 24, 2031.

The company must maintain a minimum consolidated interest coverage ratio of not less than 4.00 to 1.00. Additionally, it must maintain a maximum consolidated leverage ratio of not greater than 3.50 to 1.00, with provisions allowing this maximum to be temporarily increased to 4.25:1.00 and then 4.00:1.00 on separate occasions under specific triggering events and conditions.

Yes, the Third Amended and Restated Credit Agreement allows Cboe to designate one or more of its subsidiaries as additional borrowers under the facility, provided that Cboe guarantees all borrowings and obligations of those subsidiaries.