Based on the press release, it appears that DocuSign, Inc. has entered into a credit agreement dated as of May 21, 2025, with various lenders and L/C issuers, including Bank of America, N.A., PNC Bank, National Association, Citizens Bank, N.A., JPMorgan Chase Bank, N.A., and others. The credit agreement outlines various terms and conditions, including definitions and accounting terms, commitments and credit extensions, taxes, yield protection, illegalities, guaranty, conditions precedent to credit extensions, representations and warranties, affirmative covenants, negative covenants, events of default and remedies, administrative agent responsibilities, and miscellaneous provisions.
The initial Aggregate Revolving Commitments under the agreement amount to $750,000,000, and the Applicable Percentage of each lender's Revolving Commitment has been specified in the agreement. Additionally, the Applicable Rate for the loans is determined based on the Consolidated Leverage Ratio and Applicable Ratings, with specific percentages per annum set for different tiers based on these criteria.
The agreement also addresses various other aspects, such as administrative agent's office, notices and effectiveness, waivers and remedies, expenses and indemnity, payments set aside, successors and assigns, confidentiality, interest rate limitation, counterparts and integration, governing law, jurisdiction, and several others.
The press release contains detailed information about the terms and conditions of the credit agreement, providing a comprehensive overview of the financial arrangements and obligations between DocuSign, Inc. and the participating lenders and L/C issuers. The market has reacted to these announcements by moving the company's shares -2.22% to a price of $84.61. Check out the company's full 8-K submission here.
