Dropbox (DBX) said Wednesday that it has entered into a $2 billion secured term loan agreement due 2029, led by Blackstone (BX) division Blackstone Credit & Insurance, which also served as the lead arranger and structuring agent.
Dropbox said the loan includes an initial borrowing of $1 billion and a delayed draw option for an additional $1 billion. The proceeds will be used for working capital and general corporate purposes, such as share repurchases, the company added. The company said it had terminated its existing revolving credit and guaranty agreement, dated 2014.
The company said it has set up a $1.2 billion stock buyback program for its class A shares.
Dropbox said it expects to meet or exceed its Q4 and fiscal 2024 guidance.
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