Clear Secure (NYSE: YOU) lowers credit costs and extends JPMorgan facility to 2031

Rhea-AI Filing Summary

CLEAR SECURE, INC., through subsidiary Alclear Holdings, LLC, amended its Credit Agreement with lenders and JPMorgan Chase Bank, N.A. as administrative agent. The amendment reduces total lender commitments from $100,000,000 to $50,000,000 while extending the facility’s maturity from June 28, 2026 to June 23, 2031.

The company increased the revolving facility’s letter of credit sublimit from $35,000,000 to $50,000,000, lowered interest margins on term SOFR loans from 2.50% to 1.50% per annum and on base rate loans from 1.50% to 0.50% per annum, and reduced the unused commitment fee from 0.35% to 0.25% per annum. Other key terms of the Credit Agreement remain unchanged, and certain existing letters of credit are deemed issued under the revised letter of credit sublimit.

Insights

Credit facilities analyst

Clear Secure trims credit capacity but secures longer, cheaper bank financing.

The amendment cuts Alclear’s committed credit line from $100,000,000 to $50,000,000 while extending final maturity from June 28, 2026 to June 23, 2031. This shifts the facility toward a smaller but longer-dated source of liquidity.

Pricing is reduced across the structure: term SOFR margins fall from 2.50% to 1.50%, base rate margins from 1.50% to 0.50%, and the unused commitment fee from 0.35% to 0.25% per annum. The letter of credit sublimit is increased to $50,000,000, matching total commitments.

Overall, the company retains access to bank funding at lower spreads but with reduced maximum borrowing capacity. Actual impact on leverage and liquidity will depend on how much of the facility and letter of credit capacity is utilized over time.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total lender commitments: $100,000,000 to $50,000,000 Letter of credit sublimit: $35,000,000 to $50,000,000 Term SOFR loan margin: 2.50% to 1.50% per annum +3 more

6 metrics

Total lender commitments $100,000,000 to $50,000,000 Reduced under amended Credit Agreement effective June 23, 2026

Letter of credit sublimit $35,000,000 to $50,000,000 Increased under revolving credit facility

Term SOFR loan margin 2.50% to 1.50% per annum Reduced applicable margin in amendment

Base rate loan margin 1.50% to 0.50% per annum Reduced applicable margin in amendment

Unused commitment fee 0.35% to 0.25% per annum Lower fee on undrawn commitments

Maturity date June 28, 2026 to June 23, 2031 Extension of Credit Agreement maturity

Key Terms

Credit Agreement, letter of credit sublimit, term SOFR loans, base rate loans, +2 more

6 terms

Credit Agreement financial

"which amends that certain Credit Agreement, dated as of March 31, 2020"

A credit agreement is a written loan contract between a borrower and a bank or other lender that lays out how much money can be borrowed, the interest rate, repayment schedule, fees, and the rules the borrower must follow. For investors, it matters because those terms affect a company’s cash costs, borrowing flexibility and risk of default — similar to how a mortgage’s rules determine a homeowner’s monthly budget and freedom to make changes.

letter of credit sublimit financial

"increased the letter of credit sublimit from $35,000,000 to $50,000,000"

term SOFR loans financial

"from 2.50% per annum to 1.50% per annum in the case of term SOFR loans"

base rate loans financial

"from 1.50% per annum to 0.50% per annum in the case of base rate loans"

unused commitment fee financial

"reduced the unused commitment fee from 0.35% per annum to 0.25% per annum"

A fee charged by a lender on the portion of a credit line or loan facility that a borrower has not drawn down. It is like paying a monthly standby charge for the unused part of a company’s credit card; it reduces net cash available and raises the effective cost of keeping a backup source of funds, while providing steady income to the lender. Investors watch it because recurring unused fees affect a company’s interest expense, liquidity management, and the attractiveness of open credit capacity.

Emerging growth company regulatory

"Emerging growth company"

An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.

FAQ

What change did Clear Secure (YOU) make to its credit facility?

Clear Secure’s subsidiary Alclear amended its Credit Agreement, cutting total lender commitments from $100 million to $50 million. At the same time, it extended the facility’s maturity to June 23, 2031 and adjusted several pricing and letter of credit features.

How did the amendment affect Clear Secure (YOU) interest costs?

The amendment reduced interest margins on Alclear’s loans. Term SOFR loan margins fell from 2.50% to 1.50% per annum, while base rate loan margins declined from 1.50% to 0.50% per annum, lowering potential borrowing costs under the facility.

What happened to the letter of credit sublimit for Clear Secure (YOU)?

The revolving credit facility’s letter of credit sublimit increased from $35 million to $50 million. Certain existing letters of credit are deemed issued under this revised sublimit, potentially giving the company more capacity for letter of credit usage within the same facility.

How long is Clear Secure’s (YOU) amended credit facility available?

The amendment extended the maturity date of the Credit Agreement from June 28, 2026 to June 23, 2031. This gives Clear Secure’s subsidiary Alclear a longer-term committed bank financing arrangement with its existing lending group and administrative agent.

Did Clear Secure (YOU) change unused commitment fees in this amendment?

Yes. The unused commitment fee under the Credit Agreement was reduced from 0.35% per annum to 0.25% per annum. This lower fee applies to undrawn portions of the facility, potentially reducing ongoing carrying costs when commitments are not fully utilized.

Does the amendment change other terms of Clear Secure’s (YOU) Credit Agreement?

Beyond commitment size, pricing, letter of credit treatment and maturity, other loan terms remain as before. The filing states that, except for the specified changes and those in the amendment, loans continue under the same terms as prior to the Effective Date.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →

Available on EDGAR 06/23/2026 - 05:01 PM Accepted by SEC EDGAR 06/23/2026 - 05:00 PM Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 23, 2026

CLEAR SECURE, INC.

(Exact name of Registrant as specified in its charter)

Delaware		001-40568		86-2643981
(State of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

85 10th Avenue, 9th Floor, New York, NY 10011

(Address of Principal Executive Offices) (Zip Code)

(646) 723-1404

(Registrant’s telephone number, including area code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A common stock, par value $0.00001 per share		YOU		New York Stock Exchange

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On June 23, 2026 (the “Effective Date”), Alclear Holdings, LLC (the “Borrower”), and certain other subsidiaries of the Borrower party thereto (the “Pledgors” and, together with the Borrower, the “Loan Parties”), entered into that certain Amendment No. 4 to its Credit Agreement (the “Amendment”), by and among the Loan Parties, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and issuing bank, which amends that certain Credit Agreement, dated as of March 31, 2020 (as amended, amended and restated, supplemented or otherwise modified prior to the Effective Date, the “Credit Agreement”), by and among the Borrower, the other Loan Parties party thereto, the lenders from time to time party thereto, the Administrative Agent and the other parties named therein.

On the Effective Date, the Loan Parties (i) reduced the lender commitments under the Credit Agreement from $100,000,000 to $50,000,0000, (ii) increased the letter of credit sublimit from $35,000,000 to $50,000,000, (iii) reduced the applicable margin under the Credit Agreement (x) from 2.50% per annum to 1.50% per annum in the case of term SOFR loans and (y) from 1.50% per annum to 0.50% per annum in the case of base rate loans and (iv) reduced the unused commitment fee from 0.35% per annum to 0.25% per annum. In addition, pursuant to the Amendment, the Borrower extended the maturity date of the Credit Agreement from June 28, 2026 to June 23, 2031.

The Amendment also deems certain existing letters of credit as issued under the revolving credit facility’s letter of credit sublimit.

Other than as described above and certain other changes described in the Amendment, the loans under the Credit Agreement continue to have the same terms as provided under the Credit Agreement prior to the Effective Date.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

Exhibit No.		Description
10.1		Amendment No. 4, dated as of June 23, 2026, to the Credit Agreement, dated March 31, 2020, by and among Alclear Holdings, LLC, the other loan parties thereto, the lenders party thereto and JPMorgan Chase Bank, N.A.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 

	CLEAR SECURE, INC.
Date: June 23, 2026	By:	/s/ Jennifer Hsu
		Name:	Jennifer Hsu
		Title:	Chief Financial Officer

Filing Exhibits & Attachments

4 documents

Agreements & Contracts

• EX-10.1 EXHIBIT 10.1 848.7 KB

Other Documents

• EX-101 XBRL SCHEMA FILE 2.9 KB
• EX-101 XBRL LABEL FILE 33.4 KB
• EX-101 XBRL PRESENTATION FILE 21.8 KB