Summary by Moomoo AI
AppLovin Corporation has received investment grade ratings of BBB- from both S&P Global Ratings and Fitch Ratings, prompting the company to transition to an all unsecured debt capital structure. The company has secured syndication commitments from a banking group led by JPMorgan Chase for a new $1 billion unsecured revolving credit facility.The closing of the proposed facility is contingent upon terminating the existing senior secured credit facility and repaying secured term loans, either through cash, long-term unsecured debt financing, or a combination of both. The company is scheduled to begin meetings with potential fixed income investors on November 19, 2024, though the successful completion of the proposed facility cannot be guaranteed.