Fastly obtains $100 million three-year revolving credit facility

By Rebecca Melvin

New York, Feb. 17 – Fastly Inc. has entered into a new three-year $100 million revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

Up to $10 million may be used for the issuance of letters of credit, and up to $20 million may be used for swingline loans.

The facility matures in February 2024.

Borrowings bear interest at Libor plus an applicable margin ranging from 175 basis points to 200 bps, based on the company’s consolidated total leverage ratio.

The commitment fee ranges from 25 bps to 50 bps, depending on the leverage ratio.

The obligations under the credit agreement are secured by a lien on substantially all of the tangible and intangible property of the company and by a pledge of all of the equity interests of the company's material direct domestic subsidiaries and 65% of the voting capital stock and 100% of the non-voting capital stock of any material first-tier foreign subsidiaries.

Silicon Valley Bank is the administrative agent.

Fastly is a cloud computing company based in San Francisco.

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