The maturity extension and rate reduction remove near-term refinancing risk and lower interest costs. Monitor upcoming quarterly filings for further deleveraging progress and any additional rating agency actions following the Moody's upgrade.
Price Chart
Executive Summary
StubHub Holdings extended the maturities of its USD and Euro Term Loan B facilities by 3.5 years to October 2033, increased the USD tranche by $171 million to ~$975 million, and reduced the Euro tranche by €152 million to ~€300 million. The amendment also extended $425 million of its $565 million revolving credit facility to October 2031 and reduced borrowing costs by 25 basis points. The transaction follows $1.1 billion of debt repayment over the prior twelve months and a recent Moody's upgrade to B2 from B3, signaling improved credit quality.
Key Facts
- USD Term Loan B increased from ~$804M to ~$975M; Euro Term Loan B reduced from ~€452M to ~€300M
- Maturity of both Term Loans extended from March 2030 to October 2033
- Borrowing costs reduced by 25 bps: USD Term Loan B at SOFR + 4.50%, Euro Term Loan B at EURIBOR + 4.75%
- $425M of the $565M Revolving Credit Facility extended to October 2031; $140M matures September 2030
- Company repaid $1.1 billion of debt over prior twelve months
- Moody's upgraded Corporate Family Rating to B2 from B3 in September 2026
- Amendment No. 7 Additional Term Lender provided $170,812,750 of additional Extended USD Term B Loans
- Amendment No. 7 Euro Prepayment of €152,365,873.52 executed
Financial Impact
Debt maturity extension of 3.5 years, 25 bps margin reduction on ~$1.275B of term loans, and $1.1B debt paydown over 12 months materially improve capital structure and reduce interest expense.
Risk Factors
- Leverage remains elevated despite recent debt paydown; any EBITDA decline could pressure covenant headroom
- $140M of revolver still matures September 2030, requiring eventual refinancing or extension
- Macro headwinds in live events or consumer discretionary spending could slow deleveraging trajectory
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-421733 |
| Document: d180521d8k.htm | 0001193125-26-421733 |
| Document: d180521dex991.htm | 0001193125-26-421733 |
| Document: 0001193125-26-421733-index-headers.html | 0001193125-26-421733 |
| Document: 0001193125-26-421733-index.html | 0001193125-26-421733 |
| Document: 0001193125-26-421733.txt | 0001193125-26-421733 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | 8-K | $5.94 | awaiting T+20 | — | $5.55 (−6.57%) |
Oct 14, 2026 12d ago | 8-K | $5.76 | awaiting T+20 | — | $5.55 (−3.65%) |
Sep 4, 2026 7w ago | Insider Cluster | $6.11 $5.73 | ▼ −6.22% | ▼ −7.93% | $5.55 (−9.17%) |
Aug 28, 2026 8w ago | Insider Cluster | $6.38 $5.31 | ▼ −16.77% | ▼ −16.40% | $5.55 (−13.01%) |
Aug 27, 2026 8w ago | Insider Cluster | $6.55 $5.30 | ▲ +19.08% | ▲ +19.34% | $5.55 (+15.27%) |
Aug 27, 2026 8w ago | Insider Cluster | $6.55 $5.30 | ▲ +19.08% | ▲ +18.60% | $5.55 (+15.27%) |
Aug 25, 2026 8w ago | Insider Cluster | $6.58 $5.39 | ▼ −18.09% | ▼ −18.31% | $5.55 (−15.65%) |
Aug 20, 2026 9w ago | Insider Cluster | $6.68 $5.95 | ▲ +10.93% | ▲ +10.40% | $5.55 (+16.92%) |
Jul 9, 2026 15w ago | Insider Cluster | $11.10 $8.95 | ▼ −19.37% | ▼ −21.79% | $5.55 (−50.00%) |
Jul 6, 2026 16w ago | Insider Cluster | $13.53 $8.98 | ▼ −33.63% | ▼ −34.96% | $5.55 (−58.98%) |
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