[8-K] APPFOLIO INC Reports Material Event
AppFolio established a $150.0 million senior secured revolving credit facility with a $25.0 million letter-of-credit sublimit and a $25.0 million swingline sublimit, scheduled to mature on September 30, 2030. The facility was undrawn as of September 30, 2025. Borrowings can be priced at one-, three- or six-month Term SOFR, Daily Simple SOFR (margins 125–200 bps) or at a Base Rate (margins 25–100 bps), and swingline loans use Daily Simple SOFR plus the same margin band. The facility allows increases up to the greater of $225.0 million or 100% of Consolidated EBITDA, subject to a pro forma Consolidated Net Leverage Ratio cap of 3.25:1.00. A financial covenant requires maintaining Consolidated Net Leverage Ratio ≤ 3.75:1.00 (≤ 4.25:1.00 during an Acquisition Step-Up Period). Obligations are guaranteed by subsidiaries and secured by a first-priority security interest in substantially all personal property. The filing attaches the credit agreement as Exhibit 10.1.
AppFolio ha costituito una linea di credito revolving senior secured di $150.0 milioni con un sottolimite di lettera di credito di $25.0 milioni e un sotto limite swingline di $25.0 milioni, prevista per maturare il 30 settembre 2030. La linea non è stata utilizzata al 30 settembre 2025. I prestiti possono essere indicizzati a uno-, tre- o sei-month Term SOFR, Daily Simple SOFR (margini 125–200 bps) o a un Base Rate (margini 25–100 bps), e i prestiti swingline utilizzano Daily Simple SOFR più la stessa fascia di margine. La linea consente aumenti fino al maggiore tra $225.0 milioni o 100% dell’EBITDA consolidato, soggetti a un tetto pro forma di Consolidated Net Leverage Ratio di 3.25:1.00. Una covenant finanziaria richiede di mantenere il Consolidated Net Leverage Ratio ≤ 3.75:1.00 (≤ 4.25:1.00 durante un Acquisition Step-Up Period). Le obbligazioni sono garantite dalle controllate e garantite da un interesse di garanzia di prima posizione su sostanzialmente tutte le proprietà personali. Il filing allega l’accordo di credito come Exhibit 10.1.
AppFolio estableció una facilidad de crédito revolvente senior garantizada de $150.0 millones con un sublímite de carta de crédito de $25.0 millones y un sublímite swingline de $25.0 millones, programada para vencer el 30 de septiembre de 2030. La facilidad no se utilizó al 30 de septiembre de 2025. Los préstamos pueden fijarse a un tipo de SOFR a un mes, tres meses o seis meses (márgenes 125–200 bps) o a una Base Rate (márgenes 25–100 bps), y los préstamos swingline utilizan Daily Simple SOFR más la misma banda de margen. La facilidad permite incrementos hasta el mayor de $225.0 millones o el 100% del EBITDA consolidado, sujeto a un límite pro forma de Consolidated Net Leverage Ratio de 3.25:1.00. Un covenant financiero exige mantener Consolidated Net Leverage Ratio ≤ 3.75:1.00 (≤ 4.25:1.00 durante un Acquisition Step-Up Period). Las obligaciones están garantizadas por las filiales y aseguradas por un interés de garantía de primera prioridad sobre sustancialmente toda la propiedad personal. La presentación adjunta el acuerdo de crédito como Exhibit 10.1.
AppFolio은 $150.0 백만의 선순위 담보 회전크레딧 facility를 설정했고, $25.0 백만의 신용장 하한 및 $25.0 백만의 Swingline 하한을 두었습니다. 만기는 2030년 9월 30일로 예정되어 있습니다. 해당 facility는 2025년 9월 30일에 미사용 상태였습니다. 차입은 1개월/3개월/6개월 Term SOFR, Daily Simple SOFR(마진 125–200bp) 또는 Base Rate(마진 25–100bp)으로 가격 결정될 수 있으며, Swingline 대출은 Daily Simple SOFR에 동일한 마진대가 적용됩니다. 이 facility는 Consolidated EBITDA의 100% 또는 $225.0백만 중 큰 값까지 증액 가능하며, 프로 포마 Consolidated Net Leverage Ratio 상한 3.25:1.00에 따릅니다. 재무약정은 Consolidated Net Leverage Ratio를 ≤ 3.75:1.00로 유지해야 한다고 요구하고(인수 Step-Up 기간에는 ≤ 4.25:1.00), 의무는 자회사들이 보증하고 거의 모든 개인자산에 1순위 담보권이 설정됩니다. 제출 문서는 Exhibit 10.1로 신용계약을 첨부합니다.
AppFolio a établi une facilité de crédit renouvelable senior garanti d’un montant de 150,0 millions de dollars avec une sous-limite pour lettre de crédit de 25,0 millions de dollars et une sous-limite swingline de 25,0 millions de dollars, prévue pour maturer le 30 septembre 2030. La facilité n’a pas été utilisée au 30 septembre 2025. Les emprunts peuvent être indexés sur le SOFR à un, trois ou six mois, le Daily Simple SOFR (marges 125–200 pb) ou sur un Base Rate (marges 25–100 pb), et les prêts swingline utilisent Daily Simple SOFR plus la même bande de marges. La facilité permet des augmentations jusqu’au supérieur entre $225,0 millions ou 100% de l’EBITDA consolidé, sous réserve d’un plafond pro forma du Consolidated Net Leverage Ratio de 3,25:1,00. Une covenant financière exige de maintenir le Consolidated Net Leverage Ratio ≤ 3,75:1,00 (≤ 4,25:1,00 pendant une Acquisition Step-Up Period). Les obligations sont garanties par les filiales et garanties par un intérêt de sûreté de premier rang sur pratiquement l’ensemble des biens personnels. Le dépôt adjoint l’accord de crédit en tant qu’Exhibit 10.1.
AppFolio hat eine senior gesicherte revolvierende Kreditfazilität in Höhe von $150,0 Millionen eingerichtet, mit einem Unterlimit für eine Letter of Credit von $25,0 Millionen und einem Swingline-Untertlimit von $25,0 Millionen, fällig am 30. September 2030. Die Fazilität war zum 30. September 2025 nicht in Anspruch genommen. Cruc borrowings can be priced at one-, three- or six-month Term SOFR, Daily Simple SOFR (Marge 125–200 Bp) oder bei einem Base Rate (Marge 25–100 Bp), und Swingline-Darlehen verwenden Daily Simple SOFR zu derselben Margenbandbreite. Die Fazilität erlaubt Erhöhungen bis zur größeren von $225,0 Millionen oder 100% des konsolidierten EBITDA, vorbehaltlich einer pro forma Consolidated Net Leverage Ratio-Grenze von 3,25:1,00. Eine finanzielle Verbindlichkeit verlangt, dass der Consolidated Net Leverage Ratio ≤ 3,75:1,00 gehalten wird (≤ 4,25:1,00 während einer Acquisition Step-Up-Periode). Die Verpflichtungen werden von Tochtergesellschaften garantiert und durch ein Erstbesitz-Sicherungsinteresse an nahezu allem beweglichen Vermögen gesichert. Die Einreichung fügt die Kreditvereinbarung als Exhibit 10.1 bei.
AppFolio أنشأت تسهيلات ائتمانية دوارة مضمونة من المستوى العالي بمبلغ $150.0 مليون مع حد فرعي لخط الاعتماد بقيمة $25.0 مليون وحد فرعي Swingline بقيمة $25.0 مليون، والمقرر أن تنضوي في 30 سبتمبر 2030. ولم تُستخدم التسهيلات حتى 30 سبتمبر 2025. يمكن تسعير القروض وفقاً لـ one- أو three- أو six-month Term SOFR، Daily Simple SOFR (هوامش 125–200 نقطة أساس) أو عند Base Rate (هوامش 25–100 نقطة أساس)، وتستخدم قروض Swingline Daily Simple SOFR مع نفس نطاق الهامش. تسمح التسهيلة بزيادات حتى الأكبر من $225.0 مليون أو 100% من EBITDA الموحّد، رهناً بحد نسبة الدين إلى الأرباح قبل الفوائد والضرائب والاستهلاك والإطفاء الموحّد (Consolidated Net Leverage Ratio) بحد أقصى 3.25:1.00 بصورة صارمة. تتطلب العهود المالية الحفاظ على نسبة الدين إلى الأرباح الموحّدة ≤ 3.75:1.00 (≤ 4.25:1.00 خلال فترة Acquisition Step-Up). تكون الالتزامات مضمونة من قبل الشركات الفرعية ومضمونة بمصلحة ضمان من الدرجة الأولى في معظم الممتلكات الشخصية. إيداع المستند يرفق اتفاق الائتمان ك Exhibit 10.1.
AppFolio 已设立一项 $150.0 百万 的高级有担保循环信贷额度，设有一个 $25.0 百万 的信用证子限额和一个 $25.0 百万 的 Swingline 子限额，计划于 2030年9月30日 到期。该额度在 2025年9月30日 时未使用。借款可以按一个、三或六个月的 Term SOFR、Daily Simple SOFR（利差 125–200 基点）或 Base Rate（利差 25–100 基点）定价，Swingline 贷款使用 Daily Simple SOFR 加相同的利差区间。该额度允许增加至大于等于 $225.0 百万 或 合并后 EBITDA 的 100% 的较大者，需受限于一个前瞻合并净杠杆率上限 3.25:1.00。金融契约要求维持 Consolidated Net Leverage Ratio ≤ 3.75:1.00（在并购提升级期间 ≤ 4.25:1.00）。义务由子公司担保，并以几乎全部个人财产设定第一优先担保权益。 filing 将信用协议作为 Exhibit 10.1 附上。
- $150.0 million revolving credit facility provides available liquidity and flexibility
- Facility includes ability to increase commitments to the greater of $225.0 million or 100% of Consolidated EBITDA
- No outstanding borrowings as of September 30, 2025, preserving unused capacity
- Facility is first‑priority secured and guaranteed by subsidiaries, encumbering substantial personal property
- Financial covenant requires Consolidated Net Leverage Ratio ≤ 3.75:1.00 (≤ 4.25:1.00 during Acquisition Step‑Up), limiting leverage flexibility
- Events of default include change of control, cross‑default, and insolvency triggers that could accelerate obligations
Insights
AppFolio secured a flexible
The new $150.0M senior secured revolving facility provides immediate liquidity optionality while remaining undrawn as of September 30, 2025. Pricing tied to SOFR or a Base Rate with margins of 25–200 bps gives the company choice over interest-cost profile.
The agreement permits growth of available capacity to the greater of $225.0M or 100% of Consolidated EBITDA if the pro forma leverage is ≤ 3.25:1.00. However, the covenant requiring Consolidated Net Leverage Ratio ≤ 3.75:1.00 (≤ 4.25:1.00 during an Acquisition Step-Up) is a binding limit that management must monitor. The facility is secured and guarantied, which is typical for this instrument and preserves lender protections.
AppFolio ha costituito una linea di credito revolving senior secured di $150.0 milioni con un sottolimite di lettera di credito di $25.0 milioni e un sotto limite swingline di $25.0 milioni, prevista per maturare il 30 settembre 2030. La linea non è stata utilizzata al 30 settembre 2025. I prestiti possono essere indicizzati a uno-, tre- o sei-month Term SOFR, Daily Simple SOFR (margini 125–200 bps) o a un Base Rate (margini 25–100 bps), e i prestiti swingline utilizzano Daily Simple SOFR più la stessa fascia di margine. La linea consente aumenti fino al maggiore tra $225.0 milioni o 100% dell’EBITDA consolidato, soggetti a un tetto pro forma di Consolidated Net Leverage Ratio di 3.25:1.00. Una covenant finanziaria richiede di mantenere il Consolidated Net Leverage Ratio ≤ 3.75:1.00 (≤ 4.25:1.00 durante un Acquisition Step-Up Period). Le obbligazioni sono garantite dalle controllate e garantite da un interesse di garanzia di prima posizione su sostanzialmente tutte le proprietà personali. Il filing allega l’accordo di credito come Exhibit 10.1.
AppFolio estableció una facilidad de crédito revolvente senior garantizada de $150.0 millones con un sublímite de carta de crédito de $25.0 millones y un sublímite swingline de $25.0 millones, programada para vencer el 30 de septiembre de 2030. La facilidad no se utilizó al 30 de septiembre de 2025. Los préstamos pueden fijarse a un tipo de SOFR a un mes, tres meses o seis meses (márgenes 125–200 bps) o a una Base Rate (márgenes 25–100 bps), y los préstamos swingline utilizan Daily Simple SOFR más la misma banda de margen. La facilidad permite incrementos hasta el mayor de $225.0 millones o el 100% del EBITDA consolidado, sujeto a un límite pro forma de Consolidated Net Leverage Ratio de 3.25:1.00. Un covenant financiero exige mantener Consolidated Net Leverage Ratio ≤ 3.75:1.00 (≤ 4.25:1.00 durante un Acquisition Step-Up Period). Las obligaciones están garantizadas por las filiales y aseguradas por un interés de garantía de primera prioridad sobre sustancialmente toda la propiedad personal. La presentación adjunta el acuerdo de crédito como Exhibit 10.1.
AppFolio은 $150.0 백만의 선순위 담보 회전크레딧 facility를 설정했고, $25.0 백만의 신용장 하한 및 $25.0 백만의 Swingline 하한을 두었습니다. 만기는 2030년 9월 30일로 예정되어 있습니다. 해당 facility는 2025년 9월 30일에 미사용 상태였습니다. 차입은 1개월/3개월/6개월 Term SOFR, Daily Simple SOFR(마진 125–200bp) 또는 Base Rate(마진 25–100bp)으로 가격 결정될 수 있으며, Swingline 대출은 Daily Simple SOFR에 동일한 마진대가 적용됩니다. 이 facility는 Consolidated EBITDA의 100% 또는 $225.0백만 중 큰 값까지 증액 가능하며, 프로 포마 Consolidated Net Leverage Ratio 상한 3.25:1.00에 따릅니다. 재무약정은 Consolidated Net Leverage Ratio를 ≤ 3.75:1.00로 유지해야 한다고 요구하고(인수 Step-Up 기간에는 ≤ 4.25:1.00), 의무는 자회사들이 보증하고 거의 모든 개인자산에 1순위 담보권이 설정됩니다. 제출 문서는 Exhibit 10.1로 신용계약을 첨부합니다.
AppFolio a établi une facilité de crédit renouvelable senior garanti d’un montant de 150,0 millions de dollars avec une sous-limite pour lettre de crédit de 25,0 millions de dollars et une sous-limite swingline de 25,0 millions de dollars, prévue pour maturer le 30 septembre 2030. La facilité n’a pas été utilisée au 30 septembre 2025. Les emprunts peuvent être indexés sur le SOFR à un, trois ou six mois, le Daily Simple SOFR (marges 125–200 pb) ou sur un Base Rate (marges 25–100 pb), et les prêts swingline utilisent Daily Simple SOFR plus la même bande de marges. La facilité permet des augmentations jusqu’au supérieur entre $225,0 millions ou 100% de l’EBITDA consolidé, sous réserve d’un plafond pro forma du Consolidated Net Leverage Ratio de 3,25:1,00. Une covenant financière exige de maintenir le Consolidated Net Leverage Ratio ≤ 3,75:1,00 (≤ 4,25:1,00 pendant une Acquisition Step-Up Period). Les obligations sont garanties par les filiales et garanties par un intérêt de sûreté de premier rang sur pratiquement l’ensemble des biens personnels. Le dépôt adjoint l’accord de crédit en tant qu’Exhibit 10.1.
AppFolio hat eine senior gesicherte revolvierende Kreditfazilität in Höhe von $150,0 Millionen eingerichtet, mit einem Unterlimit für eine Letter of Credit von $25,0 Millionen und einem Swingline-Untertlimit von $25,0 Millionen, fällig am 30. September 2030. Die Fazilität war zum 30. September 2025 nicht in Anspruch genommen. Cruc borrowings can be priced at one-, three- or six-month Term SOFR, Daily Simple SOFR (Marge 125–200 Bp) oder bei einem Base Rate (Marge 25–100 Bp), und Swingline-Darlehen verwenden Daily Simple SOFR zu derselben Margenbandbreite. Die Fazilität erlaubt Erhöhungen bis zur größeren von $225,0 Millionen oder 100% des konsolidierten EBITDA, vorbehaltlich einer pro forma Consolidated Net Leverage Ratio-Grenze von 3,25:1,00. Eine finanzielle Verbindlichkeit verlangt, dass der Consolidated Net Leverage Ratio ≤ 3,75:1,00 gehalten wird (≤ 4,25:1,00 während einer Acquisition Step-Up-Periode). Die Verpflichtungen werden von Tochtergesellschaften garantiert und durch ein Erstbesitz-Sicherungsinteresse an nahezu allem beweglichen Vermögen gesichert. Die Einreichung fügt die Kreditvereinbarung als Exhibit 10.1 bei.
FAQ
What did AppFolio (APPF) announce in this 8-K?
Was any of the credit facility drawn as of the reporting date?
What are the pricing options for borrowings under the facility?
Are there financial covenants tied to the credit facility?
Can AppFolio increase the borrowing capacity under the facility?
