0001671933-26-000038
SEC filingThe Trade Desk entered into an amended and restated $750 million revolving credit facility maturing April 14, 2031, secured by substantially all assets with option to expand to $1.5 billion.
The Trade Desk's amended and restated loan and security agreement significantly enhances its liquidity profile by extending the revolving credit facility's maturity to April 14, 2031, from the prior agreement's terms. The $750 million commitment, with sublimits for letters of credit and swingline loans, provides substantial operational flexibility, and the accordion feature allowing expansion to $1.5 billion offers scalability tied to additional lender support. Secured by nearly all assets but with a release mechanism upon investment grade ratings, the facility balances lender protections with incentives for credit improvement. Interest pricing, leveraging term SOFR or Base Rate with leverage-based margins, aligns costs with financial health, while modest undrawn fees encourage efficient utilization. Key covenants, including the 3.50x net leverage ratio, impose disciplined capital structure management, with relief for strategic transactions. This refinancing de-risks near-term maturity pressures and signals confidence from a JPMorgan-led syndicate, supporting growth initiatives in a capital-intensive ad tech environment without immediate dilution.