NASDAQ, INC.

$1.5bn committed across 1 active facility, next covenant test Sep 30, 2026. NDAQ

Security & Commodity Brokers, Dealers, Exchanges & Services

Recent changes

  1. Jul 1, 2026NASDAQ, INC. signs $1.5bn AMENDED AND RESTATED CREDIT AGREEMENT, matures Jun 2031SEC ↗

Net leverage: when the limit steps, and which way the company's ratio has been moving.

20263.93x3.15x2.37xToday
Tested quarterly32.0%ratio 2.55x, estimated, vs 3.75x limit in force at Jun 30, 20263.75x
The Borrower will not permit the Leverage Ratio as of the last day of any period of four consecutive fiscal quarters of the Borrower to be greater than 3.75 to 1.00
Read the filing on sec.gov ↗

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AMENDED AND RESTATED CREDIT AGREEMENT

Signed Jun 30, 2026

Committed
$1.5bn
Matures
Jun 2031
Agent
BANK OF AMERICA, N.A.
TrancheSizeMaturesMargin
Revolving A Facility$792mJun 203188–150 bps
Revolving B Facility$708mJun 203188–150 bps

Priced over Term SOFR, floor 0 bps (Revolving credit facility).

LevelConditionMarginUnused fee
Level 1≥ A /A288 bps8 bps
Level 2A- / A3100 bps9 bps
Level 3BBB+ /Baa1113 bps10 bps
Level 4BBB / Baa2125 bps13 bps
Level 5≤ BBB- /Baa3150 bps15 bps

Lenders: BOFA SECURITIES, INC., CITIBANK, N.A., GOLDMAN SACHS BANK USA, JPMORGAN CHASE BANK, N.A., NORDEA BANK ABP, NEW YORK BRANCH, MORGAN STANLEY SENIOR FUNDING, INC., SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), WELLS FARGO SECURITIES LLC

No amendments on file yet.

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