Dropbox Inc. (NASDAQ: DBX) entered into a senior secured revolving credit facility providing up to $400 million in borrowing capacity, the company announced. JPMorgan Chase Bank serves as administrative agent, with Citizens Bank, Goldman Sachs Bank USA and RBC Capital Markets participating as joint lead arrangers.

The credit facility proceeds may be used for working capital and general corporate purposes, including share repurchases, according to the company statement.

Separately, Dropbox authorized a new share repurchase program allowing the purchase of an additional $900 million of its Class A common stock.

The San Francisco-based cloud storage company reports more than 700 million registered users across approximately 180 countries. The announcement follows the company's ongoing capital allocation strategy.

The credit facility includes JPMorgan Chase Bank as collateral agent, joint lead arranger and bookrunner, alongside the other participating financial institutions and lenders.