Recent Updates — UPST

Upstart Holdings' subsidiary, Upstart Network, Inc., entered into a credit agreement with MUFG Bank and other lenders for a $200 million senior secured revolving credit facility. The proceeds will support general corporate purposes and the initial capitalization of Upstart Bank, N.A., which is pending regulatory approval. Borrowings bear interest at Term SOFR plus 3.00%, subject to leverage-based pricing adjustments between 2.75% and 3.25%. The facility matures on the earliest of 364 days after closing, 45 days after Upstart Bank's initial capitalization, or full repayment. It requires minimum liquidity of $100 million and a maximum consolidated secured gross leverage ratio of 2.50 to 1.00. Upstart Holdings operates in the financial technology sector, providing AI-driven lending platforms.