Workday Enters $1.5B Revolving Credit Facility, Replacing Prior $1B Facility
On October 1, 2026, Workday, Inc. entered into a new five-year revolving credit facility in an aggregate principal amount of $1.5 billion, replacing its prior $1.0 billion revolving credit facility dated April 6, 2022. Wells Fargo Bank, National Association serves as administrative agent, with Wells Fargo Securities, BofA Securities, Barclays, and Morgan Stanley Senior Funding as joint lead arrangers and joint bookrunners. As of the closing date, Workday had no outstanding revolving loans under the new facility....
Key takeaways
Facility size and replacement: New $1.5 billion revolving credit facility replaces Workday's prior $1.0 billion revolving credit facility dated April 6, 2022.
Maturity and extensions: Maturity date of October 1, 2031 (5-year tenor), with two permitted one-year extensions at Workday's option.
Pricing: SOFR-based loans bear interest at SOFR plus 0.875% to 1.500% depending on Consolidated Leverage Ratio; Base Rate loans bear interest at Base Rate plus 0.000% to 0.500%; commitment fee ranges from 0.080% to 0.200% per annum.
Financial covenant: Maximum Consolidated Leverage Ratio of 3.50 to 1.00, with a step-up to 4.50 to 1.00 for a period following a Qualified Acquisition (consideration at least $250 million).
Agent and arrangers: Wells Fargo Bank, National Association is administrative agent, swing line lender, and an L/C issuer; syndication agents are Bank of America, Barclays, and Morgan Stanley Senior Funding; joint lead arrangers and joint bookrunners are Wells Fargo Securities, BofA Securities, Barclays, and Morgan Stanley Senior Funding.
Sublimits: $525 million alternative currency sublimit (Euros, Sterling, Canadian Dollars, and other approved currencies), $75 million letter of credit sublimit, and $75 million swing line sublimit.
Outstandings at closing: Workday had no outstanding revolving loans under the new Credit Agreement as of October 1, 2026.
Key metrics
Primary source
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