Summary
Nasdaq, Inc. (NDAQ) has announced the execution of an Amended and Restated Credit Agreement, establishing a new $1.5 billion senior unsecured five-year revolving credit facility. This facility, which matures on June 30, 2031, replaces the company's previous credit agreement and provides significant financial flexibility. The new agreement allows for potential increases in commitments by up to $1.0 billion, subject to customary conditions, enabling Nasdaq to pursue strategic growth initiatives such as acquisitions, share repurchases, or the repayment of existing debt. This updated credit facility offers competitive interest rates tied to the company's debt ratings and includes a commitment fee on unused portions. Key covenants are in place, including a financial covenant based on a Leverage Ratio not exceeding 3.75 to 1.00 (with temporary flexibility for acquisitions), alongside customary negative covenants. The ability to access this substantial liquidity pool underscores Nasdaq's strong financial position and its commitment to managing its capital structure effectively to support its ongoing business objectives.
Key Highlights
- 1Nasdaq entered into a new $1.5 billion senior unsecured five-year revolving credit facility, effective June 30, 2026.
- 2The new facility replaces the company's prior credit agreement, enhancing financial flexibility.
- 3The credit facility has a maturity date of June 30, 2031.
- 4There is an option to increase the facility's aggregate commitments by up to $1.0 billion under certain conditions.
- 5Proceeds can be used for general corporate purposes, including acquisitions, debt repayment, and share repurchases.
- 6The agreement includes a financial covenant limiting the Leverage Ratio to 3.75:1.00, with temporary allowances for acquisitions.
- 7As of July 1, 2026, no loans were outstanding under the new revolving credit facility.