MARKETAXESS HOLDINGS INC 8-K

What Happened MarketAxess Holdings Inc. filed an 8-K on Feb 6, 2026 reporting its fourth-quarter and full-year 2025 results (press release attached as Exhibit 99.1) and disclosing an Amended and Restated Credit Agreement dated Feb 4, 2026. The A&R Credit Agreement replaces the prior credit agreement and keeps aggregate lender commitments at $750.0 million. The company also announced a regular quarterly cash dividend of $0.78 per share, payable Mar 4, 2026 to holders of record as of Feb 18, 2026.

Key Details

• Credit facility commitments remain $750.0 million, including a $5.0 million standby letter of credit sub‑limit and a $380.0 million swingline sub‑limit.
• Maturity extended from Aug 9, 2026 to Feb 2, 2029, with the company able to request up to two additional 364‑day extensions (subject to lender approval).
• Company may upsize the facility by up to $375.0 million (incremental commitments are uncommitted and not guaranteed).
• The A&R agreement removed a prior 0.10% SOFR credit spread adjustment and increased the cash amount that can be netted against debt for leverage calculations from $30.0M to $200.0M.
• As of the filing, $220.0 million was outstanding under the facility and one standby letter of credit remained in place; no new borrowings or letters of credit were made at signing.

Why It Matters For investors, the amended credit agreement extends debt maturity and preserves liquidity capacity, while reducing a small interest-rate premium and giving more flexibility in how cash is counted against leverage—measures that can lower near-term financing costs and ease covenant calculations. The declared $0.78 quarterly dividend signals ongoing shareholder returns. For the company’s full financial metrics and performance details for Q4 and FY2025, review the attached Feb 6, 2026 press release (Exhibit 99.1).