Business Context and Reporting Period
This Form 8-K, dated August 6, 2026, reports that Uber Technologies, Inc. entered into several material definitive agreements to finance a voluntary public takeover offer for Delivery Hero SE. The financing activities are directly linked to a Business Combination Agreement dated July 16, 2026.
Key Financial Metrics and Debt Structure
The filing details the establishment of new debt facilities and the modification of existing ones. No revenue, profit, or cash flow metrics are provided in this current report.
- Term Loan Credit Agreement: Senior unsecured term loans in two tranches (Tranche A maturing 18 months post-closing; Tranche B maturing 3 years post-closing). Proceeds will finance the Delivery Hero offer, refinance Delivery Hero indebtedness, and cover transaction costs.
- Bridge Credit Agreement Amendment: Commitments under the existing Bridge Credit Agreement were reduced by €4,000,000,000 following the entry into the Term Loan Credit Agreement.
- Revolving Credit Agreement: A new agreement provides $7.7 billion in aggregate commitments for senior unsecured revolving loans, maturing August 6, 2031. This replaces the existing agreement dated September 26, 2024.
- Letters of Credit: Approximately $324 million in letters of credit were issued under the new Revolving Credit Agreement at closing. No borrowings have been drawn.
- Interest Rates: Term loans bear interest at EURIBOR plus a margin; revolving loans bear interest at term SOFR or base rate plus a margin. Margins and fees fluctuate based on the Company's debt rating.
Material Changes Versus Prior Period
The primary material change is the restructuring of Uber's credit facilities to support the Delivery Hero acquisition:
- Termination of the Existing Revolving Credit Agreement (dated September 26, 2024) and replacement with a new $7.7 billion facility.
- Reduction of €4 billion in commitments under the Bridge Credit Agreement.
- Amendment to the Bridge Credit Agreement to replace the cross-default event with a cross-payment default and increase the threshold amount from $300 million to $500 million.
Covenants, Risks, and Management Commentary
The new agreements impose specific financial covenants and define events of default:
- Financial Covenant: The Company must maintain a ratio of consolidated adjusted EBITDA to consolidated interest expense of not less than 3.00 to 1.00 under both the Term Loan and Revolving Credit Agreements.
- Negative Covenants: Limitations on the incurrence of liens and additional indebtedness by the Company and its material subsidiaries.
- Events of Default: Include payment defaults (with a 5-business-day grace period), covenant failures, material misrepresentations, bankruptcy/insolvency, and judgment defaults exceeding $500 million. Certain bankruptcy events trigger automatic acceleration of debt.
- Guarantees: The Term Loan and Revolving Credit Agreements are unsecured and not guaranteed by any subsidiary.
Investor Verification Checklist
- Verify the final closing date of the Delivery Hero takeover offer to determine the exact maturity dates for the Term Loan tranches.
- Confirm the Company's current credit rating to calculate the applicable interest margins and commitment fees.
- Monitor the Company's ability to maintain the 3.00x adjusted EBITDA to interest expense ratio, particularly given the new debt load.
- Review the full text of the Term Loan Credit Agreement (Exhibit 10.1) for specific definitions of "Closing Date" and "Adjusted EBITDA."
- Assess the impact of the €4 billion reduction in bridge commitments on the overall liquidity position relative to the acquisition timeline.