This is a routine refinancing that extends Cboe's revolving credit facility maturity by approximately five years with no change in total capacity or financial covenant structure. Monitor for any future utilization of the accordion feature or debt-funded acquisitions that could increase leverage.
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Executive Summary
Cboe Global Markets entered into a Third Amended and Restated Credit Agreement on July 24, 2026, replacing its existing $400 million facility with a new $400 million five-year revolving credit facility maturing July 24, 2031, with an accordion feature allowing an increase of up to $200 million. The facility includes a $25 million swing line sub-facility, maintains the same total commitment size, and extends the maturity by approximately five years from the prior 2022 agreement. This is a routine refinancing that improves liquidity terms and extends debt maturity, with no material change in financial capacity or covenant structure.
Key Financial Metrics
Key Facts
- Cboe Global Markets entered into a $400 million five-year senior unsecured revolving credit facility maturing July 24, 2031.
- The facility replaces the prior $400 million Second Amended and Restated Credit Agreement dated February 25, 2022.
- The facility includes a $25 million swing line sub-facility and an accordion feature allowing an increase of up to $200 million (total $600 million).
- Financial covenants require a minimum consolidated interest coverage ratio of 4.00x and a maximum consolidated leverage ratio of 3.50x, with step-up provisions for qualified acquisitions.
- The credit agreement includes customary representations, warranties, covenants, and events of default for facilities of this type.
Financial Impact
No new borrowing or change in total commitment size ($400 million). The refinancing extends maturity from 2022 to 2031 with similar terms.
Risk Factors
- Potential future leverage increase if the accordion feature is used to fund acquisitions
- No material risk identified from this routine refinancing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-087625 |
| Document: tm2621346d1_8k.htm | 0001104659-26-087625 |
| Document: 0001104659-26-087625-index-headers.html | 0001104659-26-087625 |
| Document: 0001104659-26-087625-index.html | 0001104659-26-087625 |
| Document: 0001104659-26-087625.txt | 0001104659-26-087625 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 19, 2026 6w ago | Court Ruling | $280.75 $266.67 | ▼ −5.02% | ▼ −3.06% | $271.06 (−3.45%) |
Jul 31, 2026 9w ago | 8-K | $310.23 $310.45 | ▲ +0.07% | ▼ −2.92% | $271.06 (−12.63%) |
Jul 28, 2026 9w ago | 8-K | $307.81 $312.19 | ▲ +1.42% | ▼ −3.60% | $271.06 (−11.94%) |
Jun 26, 2026 13w ago | 8-K | $231.51 $285.07 | ▲ +23.14% | ▲ +23.41% | $271.06 (+17.08%) |
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