Upstart Holdings 8-K
Debt financing
MUFG-led revolving credit facility provides up to $200M to establish and initially capitalize Upstart Bank.
Filed 2026-10-20 16:05 ET
- 1.01 Entry into a Material Agreement
- 2.03 Creation of a Financial Obligation
Summary
Senior secured revolving credit facility. Upstart Network, Upstart Holdings’ wholly owned subsidiary, entered into a facility with MUFG Bank and other lenders for up to $200M in principal commitments to support Upstart Bank’s establishment and initial capitalization. Certain affiliate loan-sale proceeds must repay outstanding borrowings; the sales are expected shortly after the bank opens, subject to regulatory approvals.
Key Figures
- Interest: Term SOFR plus an initial 3.00% margin, subject to a leverage-based margin of 2.75%–3.25%.
- Maturity: earliest of 364 days after closing, 45 days after Upstart Bank’s initial capitalization, or full repayment and termination of commitments.
- Guarantees and collateral: guaranteed by Upstart Holdings and certain subsidiaries, with first-priority liens on substantially all assets of the borrower, guarantors and certain trust pledgors; Upstart Bank and certain other subsidiaries are excluded from the guarantees and collateral.
- Covenants: minimum liquidity of $100M; eligible assets plus liquidity above $100M of at least $300M; maximum consolidated secured gross leverage ratio of 2.50:1.00.
The summary is written by an AI model reading the filing.
Model 005 · prompt v95 · 2026-10-20 22:38:36Z