Block raises revolver to $750 million with amendment

Chicago, June 9 – Block, Inc. (previously known as Square, Inc.) amended its credit agreement to bring the revolver up to $775 million, a $175 million increase, according to an 8-K filing with the Securities and Exchange Commission.

Further, the maturity date has been extended to June 9, 2028.

Interest will be at SOFR plus a 125 basis points to 175 bps margin.

The commitment fee will be between 10 bps and 20 bps, depending on the borrower’s total net leverage ratio.

Goldman Sachs Bank USA is the administrative agent for the June 9 amendment.

Goldman Sachs Bank USA and Sumitomo Mitsui Banking Corp. are the lead arrangers and joint bookrunners.

Block is a mobile payment company. The company no longer designates headquarters, as it adopted a distributed work model in 2021.

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