Monitor the next quarterly filings for the first compliance certificate due for the quarter ending September 30, 2026, which will reveal the initial Total Leverage Ratio and applicable pricing level. The facility's springing maturity provision tied to other debt (including the 0.25% Convertible Senior Notes due 2031) creates a potential acceleration risk if leverage exceeds thresholds.
Price Chart
Executive Summary
Tenable Holdings entered into a $400 million senior secured revolving credit facility on October 13, 2026, replacing its prior Term Loan B and maturing revolving facility. The facility is initially undrawn and provides liquidity for working capital and general corporate purposes, with a five-year maturity and springing maturity provisions tied to other debt. This refinancing completes the company's capital structure overhaul alongside the September 2026 convertible note issuance, improving financial flexibility.
Key Financial Metrics
Key Facts
- Entered into a $400.0 million senior secured revolving credit facility on October 13, 2026
- Facility includes a $40.0 million sublimit for letters of credit
- Initially undrawn with approximately $200,000 of outstanding letters of credit
- Matures on the fifth anniversary (October 13, 2031), subject to springing maturity provisions
- Financial covenants: Total Leverage Ratio ≤ 4.00:1.00 and Interest Coverage Ratio ≥ 3.00:1.00
- Replaces prior Term Loan B facility and maturing revolving credit facility, combined with September 2026 convertible note financing
- JPMorgan Chase Bank, N.A. serves as administrative agent, collateral agent and L/C issuer
Financial Impact
$400 million senior secured revolving credit facility, initially undrawn, with $40 million letter of credit sublimit
Risk Factors
- Springing maturity provision could accelerate repayment if other material debt matures within 91 days and liquidity/leverage tests are not met
- Covenant headroom may constrain aggressive M&A or share repurchase activity
- Secured nature of facility creates priority claims on assets ahead of unsecured creditors
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001660280-26-000046 |
| Document: tenb-20261013.htm | 0001660280-26-000046 |
| Document: a10132026pressrelease.htm | 0001660280-26-000046 |
| Document: 0001660280-26-000046-index-headers.html | 0001660280-26-000046 |
| Document: 0001660280-26-000046-index.html | 0001660280-26-000046 |
| Document: 0001660280-26-000046.txt | 0001660280-26-000046 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | 8-K | $38.12 | awaiting T+20 | — | $47.93 (+25.73%) |
Oct 6, 2026 20d ago | 3 | $38.94 | awaiting T+20 | — | $47.93 (+23.09%) |
Oct 6, 2026 21d ago | 8-K | $39.47 | awaiting T+20 | — | $47.93 (+21.45%) |
Sep 10, 2026 6w ago | Press Release | $30.11 $41.59 | ▼ −38.13% | ▼ −36.26% | $47.93 (−59.18%) |
Sep 3, 2026 7w ago | Press Release | $34.25 $38.51 | ▲ +12.44% | ▲ +11.84% | $47.93 (+39.94%) |
Jul 15, 2026 14w ago | Press Release | $40.19 $37.00 | ▼ −7.94% | ▼ −10.28% | $47.93 (+19.26%) |
Jun 29, 2026 17w ago | Press Release | $33.49 $32.25 | ▼ −3.70% | ▼ −3.42% | $47.93 (+43.12%) |
May 21, 2026 22w ago | 8-K | $25.45 $26.92 | ▲ +5.78% | ▲ +7.19% | $47.93 (+88.33%) |
May 20, 2026 22w ago | Press Release | $25.50 $26.87 | ▲ +5.37% | ▲ +4.63% | $47.93 (+87.96%) |
US Market Status
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