YELP INC 8-K

What Happened Yelp Inc. announced on December 18, 2025 that it entered into a First Amendment to its Revolving Credit and Guaranty Agreement (originally dated April 28, 2023). The Amendment increases the total revolving borrowing capacity to $325.0 million, raises the letter of credit sub‑limit to $35.0 million, and replaces JPMorgan Chase Bank, N.A. with Wells Fargo Bank, National Association as administrative agent and collateral agent. The Company reported this amendment under Item 1.01 and also noted the related Item 2.03 (creation of a direct financial obligation).

Key Details

• Amendment date: December 18, 2025; original Credit Agreement dated April 28, 2023.
• New total borrowing capacity: $325.0 million.
• Letter of credit sub-limit increased to $35.0 million; letters of credit outstanding as of the filing: $4.2 million.
• Administrative/collateral agent changed from JPMorgan Chase Bank, N.A. to Wells Fargo Bank, N.A.
• No loans were outstanding as of the report date; the Amendment did not materially change interest provisions, fees, covenants, or events of default.
• The full Amendment text will be filed with Yelp’s Form 10‑K for the year ending December 31, 2025.

Why It Matters For investors, this filing documents increased committed liquidity and a higher letter of credit capacity, which can provide Yelp with greater short‑term financing flexibility if needed. Because there were no outstanding borrowings at the time of the filing and the Amendment made no material changes to pricing or covenant terms, it does not reflect an immediate increase in debt — rather, it adjusts the available backstop and administrative arrangements for the company’s credit facility.