Dropbox secures $400M credit facility and $900M stock buyback program

By Chris Stiles • Monday, June 01 11:21 • Permanent Link

Dropbox has added a new $400 million senior secured revolving credit facility and paired it with a new $900 million stock repurchase authorization.

The credit facility gives the company access to up to $400 million in borrowing capacity. Dropbox said the proceeds can be used for working capital and general corporate purposes, including share repurchases.

At the same time, the company authorized an additional $900 million program to buy back Class A common stock.

The announcement comes as Dropbox also highlighted its scale, saying it has more than 700 million registered users across about 180 countries. Following these announcements, the company's shares moved 3.2%, and are now trading at a price of $27.74. Check out the company's full 8-K submission here.

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