Upstart Holdings, Inc.: enters $200,000,000 revolving credit facility

What happened Upstart Holdings, Inc. filed an 8-K reporting that on Oct 16, 2026 Upstart Network, Inc., a wholly owned subsidiary, entered into a credit agreement under which MUFG Bank, Ltd., as administrative agent and collateral agent and as a lender, and the other lenders agreed to provide a senior secured revolving credit facility in an aggregate principal amount of up to $200,000,000 (the "Revolver"). The filing states the Revolver is intended to provide additional financing flexibility during the establishment and initial capitalization of Upstart Bank, N.A.

The filing states outstanding loans under the Revolver must be repaid with proceeds from certain affiliate loan sales to Upstart Bank, and that the Company expects to complete those loan sales shortly after Upstart Bank opens. The filing says the timing and opening of Upstart Bank remain subject to required regulatory approvals.

Key details

• Maturity: the Revolver will mature on the earliest to occur of (i) the date that is 364 days after the closing date, (ii) the date that is 45 days after the initial capitalization of Upstart Bank, or (iii) the date on which all loans, accrued interest and fees under the Revolver are paid in full and the commitments thereunder are terminated.
• Pricing and use: borrowings bear interest at Term SOFR plus an initial margin of 3.00%, subject to a leverage-based pricing grid ranging from 2.75% to 3.25%; proceeds will be used for general corporate purposes and to fund the initial capitalization of Upstart Bank and other permitted investments.
• Security and guarantee: the Revolver is guaranteed by the Company and certain subsidiaries and is secured by first-priority liens on substantially all of the assets of the Borrower, guarantors, and certain non-guarantor trust pledgors, subject to customary exceptions, including exclusions for the equity interests in, and assets of, Upstart Bank and certain other subsidiaries; Upstart Bank and certain other subsidiaries are excluded from the guarantee.
• Covenants and defaults: covenants require maintaining minimum liquidity of not less than $100,000,000, consolidated eligible assets plus liquidity in excess of $100,000,000 of not less than $300,000,000 in the aggregate, and a maximum consolidated secured gross leverage ratio of not more than 2.50 to 1.00; an event of default could result in loans and obligations becoming immediately due and payable.

Why it may matter The filing reports Item 1.01 (entry into a material definitive agreement) and Item 2.03 (creation of a direct financial obligation) related to the Revolver and describes its terms, security, covenants and intended use. The filing does not show why the company acted or why any insider traded.