Summary
This 8-K filing by The NASDAQ OMX Group, Inc. (now Nasdaq) reports on the execution of a new $750 million senior unsecured five-year revolving credit facility, replacing a previous agreement. This new facility, dated November 24, 2014, matures on November 25, 2019, and provides Nasdaq with significant financial flexibility. The agreement includes an option to increase the facility by an additional $500 million, subject to lender consent and other conditions. Investors should note that the credit agreement includes standard financial and operating covenants, such as interest expense coverage and leverage ratios, as well as limitations on subsidiary debt, liens, affiliate transactions, asset dispositions, and dividend payments. As of the reporting date, $122.5 million had been drawn under the new credit facility, indicating its immediate use for operational or strategic purposes.
Key Highlights
- 1Execution of a new $750 million senior unsecured five-year revolving credit facility.
- 2The new credit facility matures on November 25, 2019.
- 3The facility replaces a prior credit agreement dated September 19, 2011, which has been terminated.
- 4Nasdaq has the option to increase the credit facility by up to $500 million, subject to certain conditions.
- 5The credit agreement includes financial covenants such as minimum interest expense coverage and maximum leverage ratios.
- 6Operating covenants restrict subsidiary indebtedness, affiliate transactions, and asset dispositions.
- 7As of November 24, 2014, $122.5 million was drawn under the new credit facility.