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Get filing alertsWorkday replaces $1.0B revolver with new $1.5B credit facility maturing 2031
Filed October 1, 2026 · Period ending October 1, 2026 · ~1 min read
Key Changes
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high
Workday entered into a new $1.5 billion revolving credit facility, replacing its prior $1.0 billion facility from April 2022.
Item 1.01 verify on EDGAR → -
medium
The new facility matures on October 1, 2031, with Workday able to request up to two one-year extensions.
Item 1.01 verify on EDGAR → -
medium
Borrowings bear interest at SOFR plus a margin of 0.750% to 1.500%, depending on Workday's leverage ratio or debt rating.
Item 1.01 verify on EDGAR → -
medium
The facility includes a maximum leverage ratio covenant of 3.50 to 1.00, which can step up to 4.50 to 1.00 following a qualified acquisition.
Item 1.01 verify on EDGAR → -
low
As of October 1, 2026, Workday had no outstanding borrowings under the new facility, providing $1.5 billion in undrawn liquidity.
Item 1.01 verify on EDGAR →
Summary
Workday replaced its existing $1.0 billion revolving credit facility with a new $1.5 billion facility maturing October 1, 2031. The new agreement provides increased liquidity and a five-year term, with interest rates tied to SOFR plus a margin that varies based on Workday's leverage ratio or debt rating. The facility includes a standard leverage covenant of 3.50 to 1.00, which can step up to 4.50 to 1.00 following a qualified acquisition.
As of the closing date, Workday had no outstanding borrowings under the new facility, meaning the full $1.5 billion is available as undrawn liquidity. This is a routine refinancing that expands Workday's borrowing capacity and extends its maturity profile.
Section-by-Section Diff
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 also reports this as a direct financial obligation (body incorporates the primary Item by reference).
Added in current filing · verify on EDGAR →
Item 2.03 – Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
The company also filed this under Item 2.03, which means it is reporting the arrangement as a direct financial obligation. The Item 2.03 text refers back to the Item 1.01 entry for the terms rather than restating them.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
As of October 1, 2026, Workday had no outstanding revolving loans under the Credit Agreement.
Workday had no borrowings drawn under the new facility as of the closing date. The facility provides undrawn liquidity capacity of $1.5 billion.
Event · Item 1.02 — Termination of a Material Definitive Agreement
Workday disclosed termination of a material definitive agreement, incorporating Item 1.01 details by reference.
Added in current filing · verify on EDGAR →
Item 1.02 – Termination of a Material Definitive Agreement
The 8-K discloses under Item 1.02 that a material definitive agreement was terminated. The filing does not provide the specific agreement or termination terms in this section; it incorporates the information set forth under Item 1.01 by reference.
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Figures/quotes linked to EDGAR · Narrative written by AI · Oct 2, 2026 · How we verify