Latham Represents Blackstone Credit & Insurance in US$700 Million Financing for Dropbox

Dropbox, Inc. (Nasdaq: DBX) has announced an amendment to its existing Credit and Guaranty Agreement providing the Company with up to an additional US$700 million in delayed draw secured term loans. The amended facility was led and substantially provided by Blackstone Credit & Insurance, who served as lead arranger and lead structuring agent. Proceeds of the additional delayed draw term loans may only be used to repay the Company’s outstanding convertible senior notes due in 2026. 

The Company also announced a new share repurchase authorization for the purchase of an additional US$1.5 billion of its Class A common stock.

Latham & Watkins LLP represented Blackstone Credit & Insurance in the financing with a private credit team led by Stelios Saffos, Global Chair of Latham’s Capital Markets Practice, and Peter Sluka, Global Co-Chair of the Hybrid Capital Practice, partner Michael Waldman, and counsel Katherine Page, with associates Anna Molina, Eric Raff, and Amber Morrow.