Dropbox announced that it has entered into a new senior secured revolving credit facility that provides up to $400 million in borrowing capacity, while also authorizing a new $900 million share repurchase program.
The revolving credit facility was established with JPMorgan Chase Bank, N.A. serving as Administrative Agent, Collateral Agent, Joint Lead Arranger, and Bookrunner. Other participating institutions include Citizens Bank, N.A., Goldman Sachs Bank USA, and RBC Capital Markets as Joint Lead Arrangers, along with the lenders and issuing banks party to the agreement.
According to the company, proceeds from the credit facility may be used for working capital and general corporate purposes, including share repurchases.
In conjunction with the financing arrangement, Dropbox authorized a new stock repurchase program that allows the company to purchase an additional $900 million of its Class A common stock. The move reflects the company’s continued focus on capital allocation and returning value to shareholders.
Founded with a mission to create a more enlightened way of working, Dropbox serves more than 700 million registered users across approximately 180 countries. The company is headquartered in San Francisco and offers products designed to help individuals and organizations organize content, collaborate, and manage work more efficiently.
