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Etsy obtains five-year $200 million revolving credit facility
By Wendy Van Sickle
Columbus, Ohio, Feb. 25 – Etsy, Inc. entered into a five-year $200 million senior secured revolving credit facility on Monday, according to an 8-K filing with the Securities and Exchange Commission.
The credit agreement includes a $30 million sublimit for letters of credit and a $10 million sublimit for swingline loans.
Borrowings bear interest at Libor plus a margin ranging from 125 basis points to 187.5 bps, and the unused commitment fee ranges from 20 bps to 35 bps, depending on the senior secured net leverage ratio.
Etsy may request to increase the facility by up to $100 million and may request to extend its maturity date.
Citibank NA is the administrative agent.
Financial covenants include a maximum secured net leverage ratio of 3x, with an optional step-up to 3.5x following certain acquisitions, and a minimum interest coverage ratio of 2.5x.
The credit facility was not drawn at closing.
Brooklyn, N.Y.-based Etsy is an online and offline marketplace for unique goods.
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