On September 9, 2025, Dropbox, Inc. announced an amendment to its existing Credit and Guaranty Agreement, providing the company with a secured term loan facility in an aggregate principal amount of up to $2.7 billion, consisting of $1 billion of existing term loans, $1 billion of existing delayed draw term loans, and $700 million of 2025 delayed draw term loans. The amended facility was led and substantially provided by Blackstone Credit & Insurance. Proceeds of the additional delayed draw term loans may only be used to repay Dropbox’s outstanding convertible senior notes due in 2026. Wilson Sonsini Goodrich & Rosati advised Dropbox on the transaction.

The Wilson Sonsini team that advised Dropbox on the transaction includes:

Corporate
Lisa Stimmell 

Corporate Finance
John Mao 
Jill Fulwiler 
Jason Koo 
Roshanne Arathoon 

For more information, please see the news release.