Cboe News: $400 Million Revolver Renewed Through 2031

Item	Terms
Borrower	Cboe Global Markets, Inc.
Agreement	Third Amended and Restated Credit Agreement, dated July 24, 2026
Facility	$400 million senior unsecured revolving credit facility, five years
Swing line	$25 million sub-facility
Accordion	Up to $200 million more, for a total of $600 million, with lender agreement
Maturity	July 24, 2031
Pricing	Term SOFR, SONIA or EURIBOR plus 0.75% to 1.25%, based on public debt ratings
Administrative agent	Bank of America, N.A.

Cboe Global Markets renewed its bank revolver, according to an 8-K filed July 28, in the latest Cboe news for options market participants who track the exchange operator’s balance sheet. The company, which operates options exchanges and the VIX franchise, signed a Third Amended and Restated Credit Agreement on July 24 that replaces the version dated February 25, 2022.

Facility size and pricing

The new revolver is a $400 million senior unsecured, five-year facility that includes a $25 million swing line. Cboe can ask lenders to add up to $200 million of commitments, which would take the total to $600 million, but the increase depends on the agreement of the lenders involved. Subsidiaries can be named as additional borrowers if Cboe guarantees their obligations.

Borrowings in dollars price off Term SOFR, in sterling off SONIA and in euros off EURIBOR, each with a 0% floor. The margin runs from 0.75% to 1.25% a year and moves with Cboe’s public debt ratings. A prime-based alternative carries a margin of 0% to 0.25% and a 1% floor. The agreement ends on July 24, 2031, unless commitments are cut earlier or an event of default occurs.

Covenants

The financial tests are a minimum consolidated interest coverage ratio of 4.00 to 1.00 and a maximum consolidated leverage ratio of 3.50 to 1.00, tested quarterly. The leverage ceiling can step up to 4.25 to 1.00 once and to 4.00 to 1.00 once, each time for four consecutive fiscal quarters, if specified triggering events occur. Before the second step-up is used, leverage must have returned to 3.50 to 1.00 for at least two consecutive quarters. Negative covenants limit liens, subsidiary debt and fundamental changes, subject to exceptions.

The filing says the new agreement adds permissions in the negative covenants “to support” Cboe’s clearing activities and updates references to changes in applicable law. For an exchange operator that runs clearing activities, the revolver terms bear directly on liquidity planning.

Lender relationships

Cboe disclosed that Bank of America, certain lenders and certain syndication agents, or their affiliates, are trading permit holders or members on Cboe exchanges. Some of them also clear market-maker trades as members of the Options Clearing Corporation. BofA Securities served as sole lead arranger and sole bookrunner, and Agricultural Bank of China, Bank of China (Chicago branch), Barclays, Goldman Sachs Bank USA, JPMorgan Chase, Morgan Stanley Senior Funding and Toronto-Dominion (New York branch) were named as syndication agents.

What to watch

A revolver is a standby source of cash, and the filing does not say that any amount has been drawn. The covenant levels and the 2031 maturity set the outer limits for how Cboe could finance acquisitions, buybacks or clearing needs over the next five years. Investors who follow exchange credit will look to the company’s next quarterly report for how it describes liquidity and debt.