Asana pledges substantially all its assets behind a $150 million Wells Fargo credit line

Asana▲+2.28% — Asana, up 2.28 percent today has pledged substantially everything it owns to its bankers. A November 10 filing↗ discloses a $150 million senior secured revolving credit facility, Wells Fargo▲+0.05% — Wells Fargo, up 0.05 percent today as administrative agent and MUFG↗ as syndication agent, available through November 9, 2031 ¹. Nothing was drawn at closing, and the old Silicon Valley Bank facility was repaid in full with cash on November 6. ¹

Two percent over SOFR, and everything pledged

The price of the money is public to the basis point: term SOFR plus 2.00%, stepping to 2.50% as leverage rises, with a 0.20% fee on unused commitments rising to 0.30% ¹. Net leverage is capped at 3.25 to 1 and interest coverage floored at 3 to 1, tested quarterly ¹. Security is total: first-priority liens on substantially all assets, a pledge of subsidiary equity, and a guarantee from Eigen Inc., a wholly owned Asana subsidiary. ¹

Agents on a rival's shelf

AnthropicPVT$350B — Anthropic, private, latest valuation $350B put Asana's AI Teammates, its packaged agents, into the Claude Marketplace on November 4, one of more than 25 partner products listed with no price and only a request-to-buy button; purchases there can count toward an existing Anthropic contract↗. ²³ Anthropic opened its IPO roadshow on November 10 ⁴, and a day later its beta Claude Sheets shipped with a connector into Asana, a day Asana rose 1.20% while Microsoft▼−0.28% — Microsoft, down 0.28 percent today fell 2.27%. ⁵

The same week, Asana capped individual AI Studio automations with rate limits↗, because one bulk import can fire a rule for each new task and burn credits. ⁶ The Inference reported the credit meter↗ on October 30; the cap is what is new ⁶.

Growth below 10%, twelve quarters of red

Asana closed at $10.02 on November 10 and slid about 4.2% to $9.60↗, its fourth decline in five sessions, on more than 7 million shares against a 4.8 million daily average. ⁷ The nerves have a basis: revenue growth has stayed below 10% for six straight quarters, with losses in each of the past twelve. ⁸

The counterweight: the revolver costs about $300,000 a year if never drawn, and Asana has produced positive free cash flow in each of the past six quarters, $40 million in the July quarter. ¹⁸ This reads as optionality, priced.

December 1 decides

Fiscal Q3 lands on December 1, and the tell is the split of new annual recurring revenue between seats and AI credits ⁷⁵. Asana says AI products are a growing share ⁷; Goldman Sachs▼−0.23% — Goldman Sachs, down 0.23 percent today expects Anthropic alone to reach $685 billion of revenue by 2030, mostly enterprise ⁵. If agents scale, Asana's credits ride the wave; if they cut headcount, the seats go first. Either way, the banks already hold the collateral.