Pinterest, Inc.: amends $700,000,000 revolving credit facility

What happened The filing says Pinterest, Inc. entered into an amended and restated five-year $700,000,000 revolving credit facility (the 2026 revolving credit facility) on Oct 15, 2026 with JPMorgan Chase Bank, N.A., as administrative agent, replacing its prior $500,000,000 revolving credit facility entered into on Oct 25, 2022, as amended in Oct 2023. The filing also reports this action under Item 2.03 as the creation of a direct financial obligation.

Key details

• The facility includes an accordion option to increase commitments by up to the greater of $1,000,000,000 and 75% of consolidated EBITDA, subject to lender commitments and conditions.
• Interest accrues at either an adjusted term Secured Overnight Financing Rate (SOFR) plus a margin of 1.25% or at an alternative base rate plus a margin of 0.25%, at the company’s election; annual commitment fee accrues at 0.10% on the unused portion.
• The facility allows letters of credit up to $75,000,000 and a fee that accrues at 1.25% per annum on the average aggregate daily maximum amount available under outstanding letters of credit.
• The agreement contains customary covenants and a financial maintenance covenant limiting net leverage (consolidated debt to consolidated EBITDA) to no greater than 3.50 to 1.00, with a temporary increase up to 4.00 to 1.00 following certain acquisitions; obligations are secured by liens on substantially all domestic assets but collateral is to be released if the company enters an investment grade period (IG Period). The filing says the company is in compliance with all covenants and had no amounts outstanding under the facility as of Oct 15, 2026.

Why it may matter The filing reports Item 1.01 (entry into a material definitive agreement) for the 2026 revolving credit facility and Item 2.03 (creation of a direct financial obligation) related to that facility. A filing does not show why the insider traded or why the company acted.