Nasdaq secures $1.5B credit line to fund deals and buybacks
What's the deal? NasdaqDealroom has a profile for this one. Try Dealroom → has secured a new $1.5 billion senior unsecured revolving credit facility, replacing its prior agreement.
The five-year line matures on June 30, 2031, with Bank of AmericaDealroom has a profile for this one. Try Dealroom → as administrative agent. It carried no outstanding borrowings as of July 1, 2026.
The facility gives Nasdaq room to fund acquisitions, refinance debt, repurchase shares, and cover general corporate needs. It also includes an option to raise total commitments by up to $1 billion.
Why now? Nasdaq entered the amended agreement on June 30, 2026, replacing an older facility to bolster financial flexibility.
Interest rates are tied to Nasdaq's debt ratings, rewarding the company for maintaining a disciplined balance sheet.
What could go wrong? The deal caps leverage at 3.75 to 1.00 over a rolling four-quarter period, though temporary step-ups are allowed after certain material acquisitions.
It also imposes limits on subsidiary debt, asset liens, major disposals, and some mergers. Breaching these covenants could restrict Nasdaq's flexibility precisely when it needs cash.
The signal: As a mature financial services and market infrastructure provider, Nasdaq is using cheap, ratings-linked credit to expand its firepower for acquisitions and buybacks. The involvement of Bank of America as administrative agent underscores how established players are leaning on corporate banking relationships to keep flexible capital on tap for dealmaking and shareholder returns.
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