Item 1.01 - Entry into Material Definitive Agreement: Cboe Global Markets, Inc. entered into a Third Amended and Restated Credit Agreement on July 24, 2026, with Bank of America, N.A. as administrative agent and swing line lender, amending and restating the previous Second Amended and Restated Credit Agreement dated February 25, 2022. Item 2.04 - Creation of Direct Financial Obligation: The…

Our analysis rates this filing NEUTRAL. This 8-K reports a routine debt facility refinancing with no material adverse changes to terms, covenants, or conditions. The overall risk score of 3.2 reflects a STABLE trend with only moderate-severity concerns. The identified risks—related party conflicts…

Concern level: MODERATE (3.2/10). Key factors: Related party transaction risk identified: Bank of America and syndication agents (Goldman Sachs, JPMorgan, Morgan Stanley, Barclays) hold dual roles as both lenders and CBOE trading permit holders/clearing members, creating potential conflicts of interest in lending decisions and pricing; Leverage covenant flexibility indicates anticipated stress:…

Notable risk changes: Third Amendment to Credit Agreement executed July 24, 2026 - routine refinancing with no material deterioration in terms; facility remains $400M revolving credit with 5-year maturity (due July 2031); Covenant structure includes financial tests: minimum 4.00x interest coverage ratio and maximum 3.50x leverage ratio (with step-up provisions to 4.25x/4.00x) - standard for investment-grade…