Summary
Meta Platforms, Inc. (formerly Facebook, Inc.) filed an 8-K on August 15, 2013, primarily announcing the establishment of a new five-year senior unsecured revolving credit facility totaling $6.5 billion. This new facility, which matures on August 15, 2018, replaces previous credit arrangements and is intended to fund working capital and general corporate purposes. Importantly, no amounts were drawn under this new facility at the time of the filing, indicating strong liquidity at that point.
Key Highlights
- 1Established a new $6.5 billion, five-year senior unsecured revolving credit facility maturing August 15, 2018.
- 2The new facility replaces prior, smaller credit facilities.
- 3Funds from the credit facility are designated for working capital and general corporate purposes.
- 4Interest rate is set at LIBOR plus a 1.0% spread.
- 5A commitment fee of 0.10% on the undrawn balance is payable annually.
- 6No amounts were drawn under the new facility at the time of filing, suggesting robust cash reserves.
- 7Terminated an existing $5.0 billion undrawn revolving credit facility and a $1.5 billion term loan facility.