Global Business Travel Group, Inc. 8-K

What Happened

• Global Business Travel Group, Inc. filed an 8-K reporting a second amendment, dated January 21, 2026, to its amended and restated credit agreement (originally dated July 26, 2024) with Morgan Stanley Senior Funding, Inc. as administrative and collateral agent.
• The Amendment reduces the interest margin on the company’s term loans by 0.50% and increases the aggregate principal available under the term loans by $100,000,000. After the incremental borrowing, all outstanding term loans will be treated as a single fungible class.

Key Details

• Amendment date: January 21, 2026; 8-K filed January 22, 2026.
• Incremental principal: $100,000,000 added to term loans.
• New interest margins: SOFR-based loans at SOFR + 2.00% p.a.; alternate base-rate loans at base rate + 1.00% p.a.
• Maturity and amortization: term loans mature July 26, 2031; scheduled principal amortization of $3,752,525.25 per quarter with remaining balance due at maturity.
• Prepayment and fees: voluntary prepayments allowed (subject to a 1% prepayment premium for certain repricing transactions before July 21, 2026 and customary breakage costs); the borrower will pay customary amendment fees.

Why It Matters

• This amendment lowers borrowing costs (reducing the term-loan margin) and increases available term-loan capacity by $100M, which can improve liquidity or fund operations without changing the loan maturity (July 2031).
• The scheduled quarterly amortization is modest relative to the principal increase, so most principal remains due at maturity—investors should note the longer-term repayment profile and any related refinancing or cash-flow needs.
• The change is a material financing development (Item 1.01) that affects the company’s debt terms and interest expense; the amendment agreement is filed as Exhibit 10.1 to the 8-K.