Blackstone’s Private Credit Line to Dropbox Raised to $2.7 Billion
Dropbox is among a number of public companies that are increasingly turning to direct lenders for easy access to financing.
Photographer: Tiffany Hagler-Geard/BloombergBlackstone Inc. has expanded its private credit line for the file-sharing site Dropbox Inc. to $2.7 billion, nine months after striking the initial deal.
Dropbox increased its leverage by $700 million while authorizing a new $1.5 billion stock buyback plan, a filing and company statement show. Blackstone first put together a $2 billion private credit loan in December as part of the company’s stock repurchase program.