Coupang Inc. has entered into a new five-year revolving credit agreement with JPMorgan Chase Bank, N.A., acting as the administrative agent, and other lenders. This new credit facility replaces a previous agreement from February 2021 and provides Coupang and its subsidiaries with a borrowing capacity of up to $1.5 billion. The agreement includes the possibility of two one-year extensions, subject to lender approval. Borrowings will be used for general corporate purposes and working capital. The interest rate on these borrowings is determined by applicable benchmark rates plus a margin, which varies based on Coupang's debt ratings. The agreement includes customary covenants and conditions, with potential for immediate repayment and termination upon default.
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