DoorDash said on April 26, 2024 it entered into a Restated Credit Agreement that raised its unsecured revolving loan facility from up to $400.0 million to up to $800.0 million, and increased the letter of credit sublimit from $200.0 million to $600.0 million.

1. 01

   DoorDash said on April 26, 2024 it entered into a Restated Credit Agreement that raised its unsecured revolving loan facility from up to $400.0 million to up to $800.0 million, and increased the letter of credit sublimit from $200.0 million to $600.0 million.

2. 02

   The company said there were no Revolving Loans outstanding as of April 26, 2024, with $111.4 million in aggregate face amount of letters of credit outstanding. It said proceeds of Revolving Loans may be used for working capital and general corporate purposes.

3. 03

   The company said Revolving Loans bear interest at the base rate plus 0%, or at adjusted term SOFR plus 1%. Amounts not borrowed carry a commitment fee of 0.10% per annum, and the company may borrow, repay and reborrow loans until April 26, 2029.

4. 04

   The company said the Restated Credit Agreement allows it to increase revolving loan commitments by up to a total of $2.0 billion, subject to additional commitments from existing or new lenders and pro forma compliance with financial covenants. It also said the agreement requires compliance with a maximum senior net leverage ratio, measured quarterly.

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