Dynatrace, Inc. Announces $500M Senior Secured Revolving Credit Facility

What Happened

• Dynatrace, Inc. (through subsidiaries Dynatrace LLC and Dynatrace Intermediate LLC) entered into a Credit Agreement dated September 24, 2026 with Bank of America, N.A., as administrative agent, and certain lenders to establish a senior secured revolving credit facility of up to $500,000,000. Borrowings may be taken in USD, EUR, GBP and CAD (with a $100,000,000 aggregate cap on non‑USD borrowings). The facility matures on June 24, 2031 (subject to certain earlier “springing” maturity conditions and up to two one‑year extensions with lender consent).

Key Details

• Facility size: up to $500,000,000 in revolving commitments; non‑USD borrowings capped at $100,000,000.
• Interest: selectable benchmark rates (Term SOFR, EURIBO, Adjusted Term CORRA, Daily Simple SONIA or base rate) plus a margin; base rate defined as the highest of several reference rates.
• Pricing and covenant linkage: margins and pricing tiers are tied to a Total Leverage Ratio (or, at Dynatrace’s election, to S&P/Moody’s debt ratings). The credit agreement also requires the Borrower to maintain a Total Leverage Ratio ≤ 4.00:1 (starting with the quarter ending Dec. 31, 2026), with a temporary headroom to 4.50:1 for four quarters after certain larger acquisitions.
• Maturity and special terms: scheduled maturity June 24, 2031; earlier springing maturity may apply if the company’s 2031 exchangeable notes exceed $300M within certain timing conditions. The full Credit Agreement is filed as Exhibit 10.1.

Why It Matters

• This credit facility creates a new, committed source of liquidity and a material financial obligation for Dynatrace, giving the company flexibility for working capital, refinancing, or strategic uses.
• The leverage covenant and pricing tied to Total Leverage Ratio (or credit ratings) link Dynatrace’s borrowing cost and capacity to its debt levels and credit profile, which can affect financing costs and strategic options (including acquisitions).
• Investors should note the maturity timeline and the springing maturity condition tied to the company’s exchangeable notes, as well as the $100M cap on non‑USD borrowings that may limit non‑USD funding capacity.