Rapid7 doubles credit facility to $100 million, extends to 2024

By Wendy Van Sickle

Columbus, Ohio, Dec. 22 – Rapid7 Inc. amended its credit agreement with KeyBank NA as administrative agent on Wednesday to double the credit facility to $100 million from $50 million and extend the maturity date to Dec. 22, 2024, according to an 8-K filing with the Securities and Exchange Commission.

There is a $15 million sublimit for letters of credit and an accordion feature providing for up to $50 million of additional capacity.

The company does not plan to immediately draw on the credit facility.

Rapid7 LLC is a co-borrower.

Borrowings bear interest at term SOFR plus a credit spread adjustment of 10 basis points plus a margin of 250 bps. There is a commitment fee of 20 bps on unused portions.

Rapid7 must maintain minimum liquidity of $50 million.

Rapid7 is a Boston-based cybersecurity company.

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