Daily News: September 11, 2014

Morgan Stanley Amends $1B Twitter Revolver

According to a recent 8-K filing, Twitter amended its credit facility with Morgan Stanley Senior Funding as administrative agent

The amended facility comprises a $1 billion unsecured revolving credit facility, which will be used to, among other things, increase the amount of indebtedness that the company may incur and increase the amount of restricted payments that the company may make.

The amendment also provides that if the company’s total leverage ratio exceeds 2.5:1.00 and if the amount outstanding under the credit facility exceeds $500 million, or 50% of the amount that may be borrowed under the credit facility, the credit facility will become secured by substantially all of the company’s and certain of its subsidiaries’ assets, subject to limited exceptions.