Cboe Global Markets Enters $400M Five-Year Revolving Credit Facility

What Happened
Cboe Global Markets, Inc. announced on July 24, 2026 that it entered into a Third Amended and Restated Credit Agreement, replacing its February 25, 2022 facility. The new agreement establishes a senior unsecured $400 million five‑year revolving credit facility (the “Revolving Credit Facility”) with Bank of America, N.A. as administrative agent and BofA Securities as sole lead arranger. The facility includes a $25 million swing line sub‑facility and — subject to lender approval — can be increased by up to $200 million to a total of $600 million. Loans mature and all amounts become due on July 24, 2031 unless terminated earlier.

Key Details

• Facility size: $400 million revolving credit facility with a $25 million swing line; optional increase to $600 million total (by up to $200M) with lender consent.
• Interest: Borrowings bear interest at either (a) a Relevant Rate (e.g., Term SOFR) plus a margin of 0.75%–1.25% (depending on public debt ratings) or (b) a prime‑based rate (with certain minimums and a 1% floor) plus a margin of 0%–0.25%. Relevant Rates have a 0% floor.
• Borrowing mechanics: The Company (and, if designated, subsidiaries) may borrow, prepay and reborrow during the term; any subsidiary borrower would be guaranteed by the Company.
• Covenants & tests: The agreement is senior unsecured and contains customary covenants, including limits on liens and subsidiary indebtedness, and financial tests requiring a minimum consolidated interest coverage ratio ≥ 4.00x and a maximum consolidated leverage ratio ≤ 3.50x (with limited, conditional step‑ups to 4.25x and 4.00x for temporary periods).
• Other: The amendment adds updates for changes in law and includes additional permissions in negative covenants to support Cboe’s clearing activities. Some lenders or their affiliates are participants or clearing members in Cboe markets (disclosed in the filing).

Why It Matters
This agreement gives Cboe ongoing committed liquidity via a multi‑year, unsecured revolving credit line that the company can draw, repay and reborrow through July 2031. For investors, the facility size, interest terms and the financial covenants (interest coverage and leverage limits) are key because they affect Cboe’s borrowing cost, short‑term liquidity flexibility and constraints on future financing or structural changes. The disclosure that some lenders are active participants in Cboe markets is a routine relationship note required by the SEC.