Upstart Holdings, Inc. (UPST) Form 8-K — Oct 20, 2026
Upstart Network, a wholly-owned subsidiary of Upstart Holdings (UPST), entered into a $200 million senior secured revolving credit facility on October 16, 2026, with MUFG Bank as administrative agent and lender. The Revolver matures at the earliest of 364 days after closing, 45 days after initial capitalization of Upstart Bank, or full repayment, and bears interest at Term SOFR plus an initial 3.00% margin. Proceeds fund general corporate purposes and the initial capitalization of Upstart Bank. The facility carries covenants requiring minimum liquidity of $100.0 million, $300.0 million in aggregate eligible assets plus excess liquidity, and a maximum secured gross leverage ratio of 2.50x.
Key figures
- Debt Amount
- 200000000
- Interest Rate
- Term SOFR plus 3.00% initial margin (grid 2.75%-3.25%)
- Maturity Date
- Earliest of 364 days after closing, 45 days after initial capitalization of Upstart Bank, or repayment in full
- Max secured gross leverage
- 2.50 to 1.00
- Minimum liquidity covenant
- $100.0 million
- Eligible assets plus excess liquidity covenant
- $300.0 million
AI analysis
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