Cboe Global amends term loan to permit $400 million of delayed draws

By Wendy Van Sickle

Columbus, Ohio, April 1 – Cboe Global Markets, Inc. entered into a third amendment on March 29 to its term loan credit agreement dated March 22, 2018 with Bank of America, NA as administrative agent and initial lender to provide a borrowing period and allow for additional delayed draws, among other things, according to an 8-K filing with the Securities and Exchange Commission.

The borrowing period will run through Sept. 30, 2022 at the latest. The company may draw up to $400 million of delayed-draw loans during that period. A commitment fee based on the company’s debt ratings will accrued during the borrowing period.

Also, the applicable reference rate was changed to term SOFR from Libor and the maximum permitted consolidated leverage ratio to 4.25 to 1.00 or 4.00 to 1.00 from 3.50 to 1.00 for four consecutive fiscal quarters following certain acquisitions, provided this increase may be made only once and at the time it exercises such financial covenant step-up, the company shall be exercising a like step-up under its revolving credit facility.

BofA Securities is the lead arranger and bookrunner.

The exchange holding company based in Chicago.

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