Latham Represents Blackstone Credit & Insurance in Dropbox’s New US$2 Billion Secured Credit Agreement

Dropbox, Inc. (Dropbox or the Company) (Nasdaq: DBX), has announced entry into a credit and guaranty agreement providing the Company with up to US$2 billion in secured term loan due 2029. The facility was led and substantially provided by Blackstone Credit & Insurance, who served as lead arranger and lead structuring agent, and proceeds may be used for working capital and general corporate purposes, including share repurchases. The term loan facility includes a delayed draw feature with an initial borrowing of US$1 billion and subsequent access to up to an additional US$1 billion. In connection with entry into the credit agreement, the Company terminated its existing revolving credit and guaranty agreement, dated as of March 20, 2014. The Company also announced the authorization of a new share repurchase program for the purchase of an additional US$1.2 billion of its Class A common stock.

Latham & Watkins LLP represented Blackstone Credit & Insurance in the term loan facility with a team led by Vice Chair of Latham’s Global Capital Markets Practice Stelios Saffos and partners Peter Sluka and Michael Waldman, with associates Katherine Page and Anna Molina. Advice was also provided on tax matters by partner Bryant Lee, with associate Dylan White; and on public company matters by partner Brittany Ruiz.