Blackstone has expanded its private credit line to Dropbox, raising the facility to $2.7bn just nine months after the original deal, according to sources cited by Bloomberg.

The transaction adds $700m in delayed draw secured term loans to the $2bn loan agreed in December 2024, with proceeds potentially earmarked to refinance Dropbox’s convertible senior notes due in 2026.

As part of the arrangement, Dropbox authorised a fresh $1.5bn stock buyback programme, extending its capital return strategy. The company’s shares have gained less than 3% in 2025, underperforming the broader market rally of about 10%.

The financing maintains the same structure and pricing as the original facility, which included a $1bn delayed-draw option.

Dropbox is one of several public companies increasingly tapping private credit markets for large-scale financing. In August, Meta selected PIMCO and Blue Owl to arrange a $29bn data centre financing, while earlier this year Apollo and Blackstone provided a $4bn loan to support Thoma Bravo’s acquisition of Boeing’s flight navigation unit.

Blackstone’s latest expansion underscores private credit’s rising role in funding major corporate transactions, as borrowers seek flexible alternatives to traditional debt markets.

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