---
title: "Asana pledges substantially all its assets behind a $150 million Wells Fargo credit line"
description: "The five-year Wells Fargo and MUFG facility prices at term SOFR plus 2.00% and takes first-priority liens on substantially all of Asana's assets, with leverage and coverage covenants. It lands three weeks before a December 1 earnings report that tests whether AI agents grow or shrink the per-seat software that pays its bills."
publisher: "The Inference"
section: "Applications"
published: 2026-11-13T19:14:53.334Z
modified: 2026-11-13T19:14:53.334Z
canonical: https://theinference.org/article/asana-pledges-substantially-all-its-assets-behind-a-150-million-wells-fargo-credit-line
language: en
keywords: "Asana, AI Agents, Enterprise Software, Credit Facility, Anthropic"
---

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

> The five-year Wells Fargo and MUFG facility prices at term SOFR plus 2.00% and takes first-priority liens on substantially all of Asana's assets, with leverage and coverage covenants. It lands three weeks before a December 1 earnings report that tests whether AI agents grow or shrink the per-seat software that pays its bills.

[Asana](https://theinference.org/markets/companies/asana) has pledged substantially everything it owns to its bankers. [A November 10 filing](https://www.sec.gov/Archives/edgar/data/1477720/000162828026072757/0001628280-26-072757-index.htm) discloses a $150 million senior secured revolving credit facility, [Wells Fargo](https://theinference.org/markets/companies/wells-fargo) as administrative agent and [MUFG](https://theinference.org/markets/companies/mitsubishi-ufj-financial-group) 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

[Anthropic](https://theinference.org/markets/companies/anthropic) 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](https://claude.com/marketplace). [2][3] 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](https://theinference.org/markets/companies/microsoft) fell 2.27%. [5]

The same week, Asana [capped individual AI Studio automations with rate limits](https://stacktak.com/news/asana-ai-studio-credit-rate-limits), because one bulk import can fire a rule for each new task and burn credits. [6] The Inference [reported the credit meter](https://theinference.org/article/asana-s-agents-now-work-outside-asana-and-every-request-is-billed) 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](https://tickeron.com/blogs/why-is-asana-asan-stock-down-4-19-today-34005/), 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]

*Chart: **Twelve quarters: revenue up, net income under zero every time** Line chart of Asana quarterly revenue and net income over twelve quarters, revenue rising from $166.5 million to $216.4 million while net income stays negative throughout.*

*Quarterly revenue and net income, US$ millions, fiscal quarters ended October 2023 through July 2026. Source: Asana SEC filings. [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. [1][8] This reads as optionality, priced.

*Chart: **Free cash flow has been positive for six straight quarters** Column chart of Asana free cash flow by quarter for twelve quarters, negative through early 2024 and positive in each of the last six quarters, reaching $40.0 million in the quarter ended July 2026.*

*Free cash flow by quarter, US$ millions, fiscal quarters ended October 2023 through July 2026. Source: Asana SEC filings. [9]*

## 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 [7][5]. Asana says AI products are a growing share [7]; [Goldman Sachs](https://theinference.org/markets/companies/goldman-sachs) 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.

## Takeaway

Asana has pledged substantially all its assets behind a $150 million revolver it has not drawn, three weeks before a December 1 report that tests whether AI agents grow or shrink the seat-based software that pays its bills.

## Sources

1. [SEC EDGAR, Asana Inc. Form 8-K: $150 million credit agreement with Wells Fargo and MUFG, filed 10 November 2026](https://www.sec.gov/Archives/edgar/data/1477720/000162828026072757/0001628280-26-072757-index.htm)
2. [AI deze week, Claude Marketplace voegt Asana, monday, Zoom en Runway toe, zonder prijs en alleen op aanvraag, 9 November 2026](https://www.aidezeweek.nl/claude-marketplace-nieuwe-partnerproducten-asana-monday-zoom-runway-alleen-op-aanvraag/)
3. [Anthropic, Claude Marketplace page (agents and products bought from partners, counting toward existing Anthropic commitments), retrieved 13 November 2026](https://claude.com/marketplace)
4. [Anthropic newsroom: S-1 filed 26 October 2026, IPO roadshow launched 10 November 2026, retrieved 13 November 2026](https://www.anthropic.com/news)
5. [Yahoo Finance (via GuruFocus), Microsoft Stock Falls as Anthropic Takes Aim at Office Work With New Claude Tools, 11 November 2026](https://finance.yahoo.com/technology/ai/articles/microsoft-stock-falls-anthropic-takes-111433184.html)
6. [Stacktak, Asana adds credit rate limits to AI Studio automations, November 2026](https://stacktak.com/news/asana-ai-studio-credit-rate-limits)
7. [Tickeron, Why Is Asana (ASAN) Stock Down -4.19% Today?, 11 November 2026](https://tickeron.com/blogs/why-is-asana-asan-stock-down-4-19-today-34005/)
8. [Asana, quarterly revenue, net income and free cash flow from its SEC filings, twelve quarters to July 2026, retrieved 13 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001477720)
9. [Asana, quarterly figures from its SEC filings, retrieved 13 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001477720)


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Asana pledges substantially all its assets behind a $150 million Wells Fargo credit line — The Inference. Canonical: https://theinference.org/article/asana-pledges-substantially-all-its-assets-behind-a-150-million-wells-fargo-credit-line