Twitter amends revolver terms on incurred debt, restricted payments

By Marisa Wong

Madison, Wis., Sept. 10 – Twitter, Inc. entered into a first amendment to its $1 billion revolving credit agreement dated Oct. 22, 2013 with Morgan Stanley Senior Funding, Inc. as administrative agent on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The amendment increases the amount of debt that the company may incur and increases the amount of restricted payments that the company may make.

The amendment also provides that if the company’s total leverage ratio exceeds 2.5 to 1.00 and if the amount outstanding under the credit facility exceeds $500 million, or 50% of the amount that may be borrowed, the facility will become secured by substantially all of the company’s and certain of its subsidiaries’ assets.

Twitter is a San Francisco-based social media website.

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