Uber Technologies just filed an 8-K (dated August 6, 2026) laying out how it will actually pay for its $14.8 billion takeover of Delivery Hero — the European food-delivery giant it agreed to buy on July 16 at €41.50 a share. This filing isn't the deal itself; it's the financing plumbing: Uber locked in new long-term loans, trimmed its giant bridge loan, and swapped out its corporate credit line for a bigger one.

The financing, in numbers

• New Term Loan: a senior unsecured term loan in two tranches — Tranche A maturing 18 months after the deal closes and Tranche B maturing 3 years after. Priced at EURIBOR + a margin that moves with Uber's credit rating. Morgan Stanley is the lead agent.
• Bridge loan cut by €4.0 billion: signing that term loan automatically reduced Uber's €14.2 billion bridge loan commitment (from July) by €4 billion, to roughly €10.2 billion.
• New $7.7 billion revolver: a fresh senior unsecured revolving credit line maturing August 6, 2031, with Bank of America as agent. It replaces and terminates Uber's old 2024 revolver. About $324 million of letters of credit carried over; no cash has been drawn.
• The guardrail: Uber must keep adjusted EBITDA at least 3.0x its interest expense — a covenant that caps how much the debt load can strain earnings.

What was actually filed

An 8-K is the "breaking news" form public companies file when something material happens between quarterly reports. This one flags three items:

• Item 1.01 — Entry into a Material Definitive Agreement: the new term loan, the bridge-loan amendment, and the new revolver.
• Item 1.02 — Termination of a Material Definitive Agreement: the old 2024 revolving credit line being retired.
• Item 2.03 — Creation of a Direct Financial Obligation: the formal "we now owe this money" flag for the new borrowing capacity.

In plain terms: Item 1.01 says "we signed new debt agreements," 1.02 says "we cancelled an old one," and 2.03 says "here's the new obligation on our books."

Why it matters

Big cash acquisitions almost never get paid for with one loan on day one. The usual playbook is: first grab a bridge loan — fast, short-term money (Uber's matures ~364 days after closing) that guarantees the cash is there so the deal can be announced. Then, over the following months, the buyer quietly "terms out" that bridge — replacing it with cheaper, longer-dated financing like term loans and bonds before the bridge ever comes due. That's exactly what this filing is: the first €4 billion of the €14.2 billion bridge being swapped for multi-year term loans.

The refreshed $7.7 billion revolver is separate housekeeping — a company buying something this large wants a bigger, longer standby credit line for everyday liquidity. Uber has said it wants to fund all this while keeping gross leverage below 2x and holding onto its investment-grade credit rating, and the deal is expected to close in the second half of 2027. None of this changes whether the Delivery Hero deal happens — it's about how the bill gets structured, and doing it in stages generally means lower long-run interest costs than sitting on an expensive bridge.

Beginner takeaway

Think of a bridge loan like putting a house deposit on a credit card to lock the purchase, then refinancing into a proper mortgage before the card bill lands. Uber isn't borrowing more here — it's reshaping the debt behind a deal it already announced into a cheaper, longer-term shape. The covenant (EBITDA ≥ 3x interest) is the lenders' way of making sure Uber can comfortably cover the interest.

FAQ

Did Uber just take on new debt? Not net-new for the deal — this mostly converts part of the existing €14.2B bridge into longer-term loans. The genuinely new piece is the bigger $7.7B revolver, which is standby capacity, not cash drawn today.

What's the difference between a bridge loan and a term loan? A bridge loan is short-term stopgap financing (here, due about a year after closing) meant to be refinanced quickly. A term loan is longer-dated (18 months to 3 years here) and usually cheaper — the permanent replacement.

Why is the interest tied to EURIBOR, not SOFR? EURIBOR is the euro-area benchmark rate. Because the term loans fund a euro-priced European acquisition (Delivery Hero, at €41.50/share), borrowing in euros at a euro rate avoids currency mismatch. The dollar revolver, by contrast, is priced off SOFR, the U.S. benchmark.

Does this mean the deal is closing soon? No — Uber expects the Delivery Hero acquisition to close in the second half of 2027, subject to regulatory approvals and a minimum shareholder acceptance threshold. Lining up financing now is a normal, early step.

As of August 7, 2026. Source: official SEC filing — read it directly here. We summarise filings for education and may make errors, so always verify against the official document. Educational content only — not investment advice, not a buy/sell recommendation.