DROPBOX COMPLETES $400M CREDIT FACILITY

By Tamara Parker • Monday, June 01 16:10 • Permanent Link

Dropbox said it has completed a new senior secured revolving credit facility that gives it access to as much as $400 million in borrowing capacity.

The company said the facility can be used for working capital and general corporate purposes, including share repurchases.

Alongside the credit facility, Dropbox authorized a new stock repurchase program for an additional $900 million of Class A common stock.

The new financing adds a $400 million borrowing line, while the buyback authorization expands the company’s repurchase capacity by $900 million. Today the company's shares have moved 7.48% to a price of $28.89. Check out the company's full 8-K submission here.

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