Sportradar ups revolving credit line to €250M
Sportradar Group AG amended and restated its revolving credit facility, increasing total lender commitments from €220.0 million to €250.0 million.
Rhea-AI Filing Summary
Sportradar Group AG amended and restated its revolving credit facility, increasing total lender commitments from €220.0 million to €250.0 million. The facility, provided to subsidiary Sportradar Capital S.à r.l. and guaranteed by certain group subsidiaries, is secured by specified assets.
Borrowings bear interest at EURIBOR, Term SOFR or SONIA plus a margin that ranges from 1.50% to 2.25% per annum based on the senior secured net leverage ratio, with a 0.35% commitment fee on unused commitments. The agreement includes customary covenants limiting additional debt, liens, mergers, investments, dividends, asset sales, affiliate transactions and prepayments of junior debt, plus a springing financial covenant capping the senior secured net leverage ratio at 6.50:1 and standard events of default remedies.
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Key Figures
Revolving credit facility size: €250.0 million
Prior facility size: €220.0 million
Interest margin range: 1.50%–2.25% per annum
+3 more
6 metrics
Revolving credit facility size
€250.0 million
Total commitments after amendment
Prior facility size
€220.0 million
Total commitments before amendment
Interest margin range
1.50%–2.25% per annum
Over EURIBOR, Term SOFR or SONIA based on leverage
Current applicable margin
1.50% per annum
Based on current senior secured net leverage ratio
Commitment fee on unused facility
0.35% per annum
On available commitments under the RCF
Leverage covenant threshold
6.50:1
Maximum senior secured net leverage ratio under springing covenant
Key Terms
revolving credit facility, senior secured net leverage ratio, commitment fee, springing financial covenant, +1 more
5 terms
revolving credit facility financial
"amended its existing €220.0 million revolving credit facility by, among other things, increasing total commitments"
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
senior secured net leverage ratio financial
"Senior Secured Net Leverage Ratio | | RCF Margin (% per annum)"
A senior secured net leverage ratio measures how much a company owes on its highest-priority, collateral-backed debt compared with its core annual cash earnings; it’s calculated by taking net senior secured debt (senior secured borrowings minus cash) divided by annual operating cash profit before interest and taxes. Investors use it to gauge the company’s ability to cover its most protected debts and to compare financial risk across firms — like comparing a household’s mortgage balance to its yearly take-home pay to see how comfortably it can be paid down.
commitment fee financial
"For the unutilized RCF, a commitment fee is payable of 0.35% of the available commitments"
A commitment fee is a charge a lender applies to a borrower for keeping a loan or line of credit available, even before any money is drawn. Think of it as a reservation fee for borrowing power; the borrower pays to ensure funds will be there when needed. Investors care because it adds to a company’s borrowing cost, affects cash flow and liquidity, and can signal lenders’ willingness to extend credit.
springing financial covenant financial
"a springing financial covenant that requires the borrower to ensure that the senior secured net leverage ratio will not exceed 6.50:1"
events of default financial
"affirmative covenants and events of default. If an event of default occurs, the lenders are entitled to take various actions"
Events of default are specific breaches or failures listed in a loan, bond, or credit agreement that give lenders the right to act, such as demanding immediate repayment, raising interest rates, or taking secured assets. They matter to investors because triggering one is like setting off a financial alarm: it raises the chance of foreclosure, restructuring, or bankruptcy and can sharply reduce the value of a company’s stock or bonds and increase borrowing costs.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What change did Sportradar Group AG (SRAD) make to its credit facility?
Sportradar increased its revolving credit facility commitments to €250.0 million from €220.0 million. The amended and restated agreement maintains a secured structure with guarantees from certain subsidiaries and provides additional committed liquidity.
What interest rate applies to Sportradar (SRAD)'s amended revolving credit facility?
Borrowings under the facility bear interest at EURIBOR, Term SOFR or SONIA plus a margin of 1.50% to 2.25% per year. The exact margin depends on Sportradar’s senior secured net leverage ratio as defined in the credit agreement.
What is the current margin on Sportradar (SRAD)'s revolving credit facility?
The current applicable margin on the revolving credit facility is 1.50% per annum. This reflects the company’s present senior secured net leverage ratio tier under the margin ratchet set out in the amended credit agreement.
What commitment fee does Sportradar (SRAD) pay on unused revolving credit?
For the unutilized portion of the revolving credit facility, Sportradar pays a 0.35% annual commitment fee on available commitments. This fee compensates lenders for keeping the €250.0 million facility available even when it is undrawn.
What leverage covenant applies to Sportradar (SRAD)'s revolving credit facility?
The credit agreement includes a springing financial covenant requiring the borrower to keep its senior secured net leverage ratio at or below 6.50:1. This covenant applies for the benefit of the revolving credit facility lenders under specified conditions.
What restrictions are included in Sportradar (SRAD)'s amended credit agreement?
The agreement contains customary covenants limiting additional indebtedness, liens, mergers, investments, dividends, asset sales, affiliate transactions and prepayments of junior debt. Some of these restrictions may be suspended once defined release conditions are satisfied.
AI-generated analysis. How Rhea-AI works. Not financial advice.
