NetApp said it entered into a Second Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent on March 5, 2025, which amends and restates its credit agreement dated January 22, 2021. The agreement provides a $1.0 billion revolving unsecured credit facility.

1. 01

   NetApp said it entered into a Second Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent on March 5, 2025, which amends and restates its credit agreement dated January 22, 2021. The agreement provides a $1.0 billion revolving unsecured credit facility.

2. 02

   The company said the facility matures on March 5, 2030, with an option to extend the maturity date for two additional 1-year periods, subject to certain conditions. It said the sublimit for letters of credit is $50.0 million. There were no borrowings or letters of credit outstanding under the facility as of March 5, 2025.

3. 03

   The company said revolving loans bear interest at a base rate or, at its option, an adjusted term SOFR rate, plus a spread based on its senior unsecured long-term debt ratings from Moody’s Investors Service, Inc. and Standard & Poor’s Rating Services. It said the spread ranges from 0% to 0.325% for base rate loans and from 0.805% to 1.325% for adjusted term SOFR rate loans.

4. 04

   The company said it may use loan proceeds for general corporate purposes and as liquidity support for its existing commercial paper program. It also said it may, subject to certain requirements, increase the facility by up to an additional $500.0 million, for a potential total commitment of $1.5 billion. The agreement requires the company to comply with a maximum leverage ratio, measured quarterly.

Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.