Uber Secures Multibillion-Euro Term Loan and Refinances Credit Facilities for Delivery Hero Takeover
The ride-hailing giant has entered into a new term loan agreement and replaced its revolving credit facility as it moves forward with its acquisition of German food delivery company Delivery Hero.
Uber Lines Up Acquisition Financing
Uber Technologies, Inc. has entered into multiple credit agreements totaling billions of dollars in new financing commitments as it advances its planned acquisition of Delivery Hero SE, according to an 8-K filing submitted August 7, 2026.
The company signed a Term Loan Credit Agreement on August 6, 2026, with Morgan Stanley Senior Funding, Inc. serving as administrative agent, in connection with its previously announced voluntary public takeover offer for shares of the German food delivery company (8-K filing, 2026-08-07). The term loan facility is structured in two tranches: Tranche A matures 18 months after closing, while Tranche B extends to three years after closing.
The new term loan reduced commitments under a separate bridge credit agreement by €4 billion, though Uber did not disclose the total size of the term loan facility in the filing. Proceeds will be used "to finance the Offer, to provide funding for related transactions, to refinance certain indebtedness of Delivery Hero and for the payment of related transaction costs" (8-K filing, 2026-08-07).
Senior Unsecured Structure with Rating-Based Pricing
Both the term loan and a new revolving credit facility are senior unsecured obligations, meaning they are not backed by collateral or guaranteed by Uber's subsidiaries. Loans under the Term Loan Credit Agreement will bear interest at EURIBOR plus a margin that fluctuates based on credit ratings from Standard & Poor's, Moody's, or Fitch (8-K filing, 2026-08-07).
The facilities require Uber to maintain "a ratio of consolidated adjusted earnings before interest, taxes, depreciation and amortization to consolidated interest expense of not less than 3.00 to 1.00" (8-K filing, 2026-08-07). Events of default include payment failures, covenant breaches, cross-defaults on debt exceeding $500 million, and change of control events.
$7.7 Billion Revolving Facility Replaces Existing Line
Simultaneously, Uber entered into a new five-year Revolving Credit Agreement providing $7.7 billion in senior unsecured revolving loan commitments, replacing its existing facility dated September 26, 2024, which was terminated effective August 6, 2026 (8-K filing, 2026-08-07). The new revolving facility matures August 6, 2031, and permits borrowing in U.S. dollars or certain alternate currencies for general corporate purposes.
At closing, approximately $324 million of letters of credit transitioned from the old facility to the new one, though no cash borrowings have been drawn (8-K filing, 2026-08-07). The revolving loans will bear interest at either term SOFR or a base rate, plus applicable margins tied to the company's debt ratings.
Bridge Facility Also Amended
Uber also amended its Bridge Credit Agreement originally dated July 16, 2026, removing certain representations and warranties and increasing the cross-default threshold from $300 million to $500 million (8-K filing, 2026-08-07).
The financing arrangements were arranged by Morgan Stanley Senior Funding, BofA Securities, Deutsche Bank Securities, Citibank, and Goldman Sachs Bank USA as joint lead arrangers and bookrunners. Bank of America serves as administrative agent for the revolving facility.
Uber's stock closed at $75.02 on the last trading day prior to the filing, with the company carrying a market capitalization of approximately $153 billion. According to MarginX data, the company is expected to report third-quarter 2026 results on November 3, 2026.
This article was generated by MarginX from the 8-K filing on 2026-08-07. It is not investment advice.