Pinterest replaces $500M credit facility with $700M revolving credit line

Pinterest, Inc. (NYSE: PINS) entered into an amended and restated five-year $700 million revolving credit facility on October 15, 2026, replacing a previous $500 million facility that had been in place since October 2022.

JPMorgan Chase Bank, N.A. is serving as administrative agent for the new facility, which includes an accordion option allowing Pinterest to increase aggregate commitments by up to the greater of $1 billion or 75% of consolidated EBITDA, subject to securing additional lender commitments and meeting certain conditions.

Interest on borrowings accrues at either an adjusted term Secured Overnight Financing Rate (SOFR) plus a margin of 1.25%, or an alternative base rate plus a margin of 0.25%, at the company's election. An annual commitment fee of 0.10% per annum applies to the unused portion of the facility.

The facility permits the issuance of letters of credit up to $75 million, which reduce available borrowing capacity. A fee of 1.25% per annum applies to any outstanding letters of credit.

The agreement includes a financial maintenance covenant requiring a maximum net leverage ratio of consolidated debt to consolidated EBITDA no greater than 3.50 to 1.00, with a provision to increase that ratio to 4.00 to 1.00 for a defined period following an acquisition.

The facility is secured by liens on substantially all of Pinterest's domestic assets, including certain domestic intellectual property. Those security requirements would be released if Pinterest obtains an investment grade rating from at least two rating agencies.

As of October 15, 2026, Pinterest reported no outstanding borrowings under the new facility and stated it is in compliance with all covenants.

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