AppLovin (APP) Enters Amendment to $1.46B Credit Agreement

On March 14, 2024, AppLovin (NASDAQ: APP) entered into Amendment No. 10 (“Amendment No. 10”) to that certain Credit Agreement, dated as of August 15, 2018, by and among AppLovin, as borrower, Bank of America, N.A., as administrative agent and collateral agent, and the other parties thereto, as amended by Amendment No. 1 to the Credit Agreement, dated as of April 23, 2019, Amendment No. 2 to the Credit Agreement, dated as of April 27, 2020, Amendment No. 3 to the Credit Agreement, dated as of May 6, 2020, Amendment No. 4 to the Credit Agreement, dated as of October 27, 2020, Amendment No. 5 to the Credit Agreement, dated as of February 12, 2021, Amendment No. 6 to the Credit Agreement, dated as of October 25, 2021, Amendment No. 7 to the Credit Agreement, dated January 3, 2023, Amendment No. 8 to the Credit Agreement, dated June 12, 2023, and Amendment No. 9 to the Credit Agreement, dated August 18, 2023 (the “Credit Agreement”; the Credit Agreement as amended by Amendment No. 10, the “Amended Credit Agreement”).

In connection with and pursuant to Amendment No. 10, the Company voluntarily prepaid a portion of the term loans extended pursuant to Amendment No. 6 outstanding immediately prior to the effectiveness of Amendment No. 10, and certain lenders agreed to provide refinancing term loans in an aggregate amount of $1,463,750,000 (such refinancing term loans, the “Amendment No. 10-I Replacement Term Loans”), the proceeds of which were used to refinance the remainder of such term loans. The Amendment No. 10-I Replacement Term Loans have (a) a maturity date of October 25, 2028 (or if not a business day, the immediately preceding business day), (b) an interest rate “floor” of 50 basis points if such loans bear interest based on the secured overnight financing rate (such loans, “Term SOFR Loans”), and (c) an applicable margin for Term SOFR Loans equal to 2.5% (or 1.5% for base rate loans), in each case, subject to and in accordance with the terms and conditions of the Amended Credit Agreement. Except as set forth in Amendment No. 10 and the Amended Credit Agreement, the other terms and conditions of the Amendment No. 10-I Replacement Term Loans are consistent with the term loans outstanding immediately prior to the effectiveness of Amendment No. 10.

In addition, pursuant to Amendment No. 10, certain lenders agreed to provide incremental and refinancing term loans in an aggregate amount of $2,092,500,000 (such loans being referred to as the “Initial Term Loans”), certain of the proceeds of which were used to refinance all term loans (other than term loans extended pursuant to Amendment No. 6) outstanding immediately prior to the effectiveness of Amendment No. 10. The Initial Term Loans have (a) a maturity date of August 18, 2030 (or if not a business day, the immediately preceding business day), (b) an interest rate “floor” of 50 basis points if such loans are Term SOFR Loans, and (c) an applicable margin for Term SOFR Loans equal to 2.5% (or 1.5% for base rate loans), in each case, subject to and in accordance with the terms and conditions of the Amended Credit Agreement. Except as set forth in Amendment No. 10 and the Amended Credit Agreement, the other terms and conditions of the Initial Term Loans are consistent with the term loans outstanding immediately prior to the effectiveness of Amendment No. 10.

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