Roku borrows $100 million of incremental term loans

By Angela McDaniels

Tacoma, Wash., Nov. 18 – Roku, Inc. borrowed $100 million principal amount of term loans on Monday under its Feb. 19, 2019 credit agreement, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement provides for a $100 million four-year revolver, a $100 million four-year delayed-draw term loan A and an uncommitted incremental facility of up to $50 million plus (a) 100% of the company’s consolidated EBITDA for the most recently completed four fiscal quarters plus (b) an additional amount at Roku’s discretion, so long as, on a pro forma basis at the time of incurrence, its secured leverage ratio does not exceed 1.5 to 1.0, plus (c) voluntary prepayments of the revolver and term loan A to the extent accompanied by concurrent reductions to the applicable credit facility.

Morgan Stanley Senior Funding, Inc. is the administrative agent and collateral agent.

Based in Los Gatos, Calif., Roku manufactures digital media players that allow customers to access streamed video or audio services through televisions.

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