AppFolio Enters New Credit Agreement with PNC Bank, Securing Flexible Financing with Leverage-Based Terms
**AppFolio, Inc. Secures New Credit Facility with PNC Bank** On September 30, 2025, AppFolio, Inc. announced that it has entered into a new credit agreement with PNC Bank, National Association, acting as Administrative Agent, Swingline Loan Lender, and Issuing Lender. The agreement, also joined by certain AppFolio subsidiaries as guarantors, establishes a credit facility featuring customary financial and operational covenants. These include a requirement for AppFolio to maintain a consolidated net leverage ratio not exceeding 3.75:1.00, with a higher threshold permitted during specified acquisition periods. The facility restricts activities such as incurring additional debt, making investments, and paying dividends, subject to exceptions. AppFolio will pay a quarterly commitment fee on unused portions of the credit facility, ranging from 15 to 30 basis points per annum, based on leverage ratios. The obligations are secured by a first-priority security interest in most of the company's and guarantors' personal property. The agreement includes standard default provisions and gives lenders the right to accelerate repayment under certain circumstances.
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