Matthews South

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June 1, 2026
$400mm
Use of Proceeds: Working capital and general corporate purposes, including share repurchases
Structure: Senior Secured Revolving Credit Facility
Maturity: December 11, 2029 (3.5 Years)
Interest Rate: SOFR + 3.00 to 3.50% using a leverage-based pricing grid
Matthews South Role: Financial Advisor
Lenders: JPM, Citizens, GS, RBC

$400 Million Revolving Credit Facility

Transaction Summary

  • On June 1, 2026, Dropbox announced entry into a $400 million senior secured revolving credit facility
  • Company had terminated its preexisting revolving credit facility in December 2024, at the time of interesting into its Senior Secured Term Loan with Blackstone
  • Company plans to use the net proceeds for working capital and general corporate purposes, including share buybacks

Concurrent Share Repurchase

  • Concurrently, the company announced a $900 million share repurchase authorization

Matthews South Role

  • Matthews South provided Dropbox with ongoing analysis on its capital structure and financing alternatives
  • We helped Dropbox assess various funding alternatives, and, once the company decided to pursue a revolving credit facility, we supported the company through every step of the structuring and execution process, including identifying a group of lenders, negotiating terms, and managing the structuring and execution process
  • The facility increases the Company’s balance sheet flexibility and permits it to continue pursuing its capital allocation strategy

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