Workday Gets $750 Million Term Loan Facility

Workday Inc. disclosed in a Monday filing that it received a term-loan facility of $750 million and a revolver of $750 million on April 2. The company had an outstanding term loan of $500 million as of April 2, the company said in its filing. Workday shares are up 4% in premarket trading Monday. The stock has lost 27% over the past month, as the S&P 500 SPX, 7.259% has dropped 16%. "Looking out 18 to 24 months, we believe this crisis will prove to have been a major catalyst for customers to engage more actively with many tech companies in our universe, including Workday; however, bankruptcies, spending freezes, business disruptions and elongated decision-making cycles are unfortunate outcomes of any downturn," Monness, Crespi, Hardt & Co. analyst Brian White wrote in a late-March note to clients.