[Form 4] ServiceTitan, Inc. Insider Trading Activity

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Rhea-AI Filing Summary

Broadcom Inc. (NASDAQ: AVGO) filed a Form 8-K dated 11 July 2025 detailing two related capital-structure actions.

1. Termination of Existing Credit Agreement (Item 1.02)
鈥� The company repaid in full and terminated its August 15 2023 credit agreement, which originally provided a $30.4 billion term-loan facility.
鈥� Immediately before repayment, $6.0 billion of principal was outstanding; the facility would have matured in 2028 and bore interest at a floating rate (alternate base rate or Term SOFR plus a ratings-based margin).

2. New Senior-Notes Offering (Item 8.01)
鈥� On 7 July 2025 Broadcom executed an underwriting agreement to issue $6.0 billion of unsecured senior notes:

$1.75 billion 4.600% notes due 2030
$1.75 billion 4.900% notes due 2032
$2.50 billion 5.200% notes due 2035

鈥� The notes rank pari passu with all other unsecured, unsubordinated obligations but are not guaranteed by subsidiaries, resulting in structural subordination to subsidiary debt.
鈥� Net proceeds, together with cash on hand, were used to retire the term-loan facility described above.

Strategic Implications
鈥� The transaction shifts $6 billion of floating-rate bank debt maturing in 2028 to fixed-rate public notes maturing between 2030鈥�2035, extending Broadcom鈥檚 maturity ladder and removing variable-rate exposure.
鈥� No financial statements were included; therefore, changes to leverage, coverage, or liquidity ratios are not quantified within this filing.

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2. 鞁犼窚靹犾垳鞙� 毂勱秾氚滍枆 (頃 8.01)
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2030雲� 毵岅赴 4.600% 毂勱秾 17.5鞏� 雼煬
2032雲� 毵岅赴 4.900% 毂勱秾 17.5鞏� 雼煬
2035雲� 毵岅赴 5.200% 毂勱秾 25鞏� 雼煬

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Broadcom Inc. (NASDAQ : AVGO) a d茅pos茅 un formulaire 8-K dat茅 du 11 juillet 2025 d茅taillant deux actions li茅es 脿 la structure du capital.

1. R茅siliation de l'accord de cr茅dit existant (Point 1.02)
鈥� La soci茅t茅 a rembours茅 int茅gralement et r茅sili茅 son accord de cr茅dit du 15 ao没t 2023, qui pr茅voyait initialement une facilit茅 de pr锚t 脿 terme de 30,4 milliards de dollars.
鈥� Juste avant le remboursement, 6,0 milliards de dollars de principal 茅taient en cours ; la facilit茅 aurait arriv茅脿茅ch茅ance en 2028 et portait un int茅r锚t 脿 taux variable (taux de base alternatif ou Term SOFR plus une marge bas茅e sur la notation).

2. Nouvelle 茅mission d'obligations senior (Point 8.01)
鈥� Le 7 juillet 2025, Broadcom a sign茅 un accord de souscription pour 茅mettre 6,0 milliards de dollars d'obligations senior non garanties :

1,75 milliard de dollars d'obligations 脿 4,600 % 茅ch茅ant en 2030
1,75 milliard de dollars d'obligations 脿 4,900 % 茅ch茅ant en 2032
2,50 milliards de dollars d'obligations 脿 5,200 % 茅ch茅ant en 2035

鈥� Les obligations sont au m锚me rang que toutes les autres dettes non garanties et non subordonn茅es, mais ne sont pas garanties par des filiales, entra卯nant une subordination structurelle par rapport 脿 la dette des filiales.
鈥� Le produit net, ainsi que la tr茅sorerie disponible, ont 茅t茅 utilis茅s pour rembourser la facilit茅 de pr锚t 脿 terme mentionn茅e ci-dessus.

Implications strat茅giques
鈥� La transaction transforme 6 milliards de dollars de dette bancaire 脿 taux variable arrivant 脿茅ch茅ance en 2028 en obligations publiques 脿 taux fixe arrivant 脿茅ch茅ance entre 2030 et 2035, allongeant ainsi l鈥櫭ヽh茅ancier de Broadcom et supprimant l鈥檈xposition au taux variable.
鈥� Aucun 茅tat financier n鈥檃茅t茅 inclus ; par cons茅quent, les variations des ratios d鈥檈ndettement, de couverture ou de liquidit茅 ne sont pas quantifi茅es dans ce d茅p么t.

Insights

TL;DR – Broadcom refinances $6B term loan with $6B fixed-rate notes, extending maturities and eliminating floating-rate exposure.

Repaying the 2028 term loan with longer-dated fixed coupons simplifies Broadcom鈥檚 debt stack and locks in rates amid volatile benchmarks. The action is leverage-neutral (same principal) yet modestly beneficial to cash-flow predictability, as interest expense is now fixed through 2030鈥�2035. While coupon levels are above recent SOFR prints, management gains certainty and avoids future spread step-ups linked to credit ratings. Overall, the move demonstrates proactive balance-sheet management and preserves liquidity by using market demand rather than cash reserves alone.

TL;DR – Refinance is structurally pari passu at parent level but notes lack subsidiary guarantees, leaving some credit risk unchanged.

From a credit standpoint, Broadcom swapped bank debt for capital-markets debt without altering total leverage. Fixed coupons mitigate rate volatility but are structurally subordinated to subsidiary liabilities because no guarantees are provided. Consequently, recovery prospects in a stress scenario could be marginally weaker for noteholders versus previous bank lenders who held upstream guarantees. The longer tenors modestly improve the company鈥檚 liquidity horizon yet leave overall leverage and subordination profile largely intact, producing a neutral credit impact.

2030雲� 毵岅赴 4.600% 毂勱秾 17.5鞏� 雼煬
2032雲� 毵岅赴 4.900% 毂勱秾 17.5鞏� 雼煬
2035雲� 毵岅赴 5.200% 毂勱秾 25鞏� 雼煬

Broadcom Inc. (NASDAQ : AVGO) a d茅pos茅 un formulaire 8-K dat茅 du 11 juillet 2025 d茅taillant deux actions li茅es 脿 la structure du capital.

1,75 milliard de dollars d'obligations 脿 4,600 % 茅ch茅ant en 2030
1,75 milliard de dollars d'obligations 脿 4,900 % 茅ch茅ant en 2032
2,50 milliards de dollars d'obligations 脿 5,200 % 茅ch茅ant en 2035

07/11/2025 - 04:15 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Griffith William J.G.

(Last)

(First)

(Middle)

C/O ICONIQ CAPITAL

50 BEALE ST., STE. 2300

(Street)

SAN FRANCISCO

94105

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
ServiceTitan, Inc. [ TTAN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/09/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	07/09/2025		S		73	D	$108.0019⁽¹⁾	522,397	I⁽²⁾⁽³⁾	By ICONIQ Strategic Partners V, L.P.
Class A Common Stock	07/09/2025		S		97	D	$108.0019⁽¹⁾	700,591	I⁽²⁾⁽³⁾	By ICONIQ Strategic Partners V-B, L.P.
Class A Common Stock	07/09/2025		S		24,954	D	$109.8468⁽⁴⁾	497,443	I⁽²⁾⁽³⁾	By ICONIQ Strategic Partners V, L.P.
Class A Common Stock	07/09/2025		S		33,454	D	$109.8468⁽⁴⁾	667,137	I⁽²⁾⁽³⁾	By ICONIQ Strategic Partners V-B, L.P.
Class A Common Stock	07/09/2025		S		13,808	D	$110.2635⁽⁵⁾	483,635	I⁽²⁾⁽³⁾	By ICONIQ Strategic Partners V, L.P.
Class A Common Stock	07/09/2025		S		18,531	D	$110.2635⁽⁵⁾	648,606	I⁽²⁾⁽³⁾	By ICONIQ Strategic Partners V-B, L.P.
Class A Common Stock								3,962,276	I⁽²⁾⁽³⁾	By ICONIQ Strategic Partners II-B, L.P.
Class A Common Stock								3,101,848	I⁽²⁾⁽³⁾	By ICONIQ Strategic Partners II-B, L.P.
Class A Common Stock								1,632,104	I⁽²⁾⁽³⁾	By ICONIQ Strategic Partners II Co-Invest, L.P. (ST Series)
Class A Common Stock								666,240	I⁽²⁾⁽³⁾	By ICONIQ Strategic Partners II Co-Invest, L.P. (ST-2 Series)
Class A Common Stock								809,216	I⁽²⁾⁽³⁾	By ICONIQ Strategic Partners III, L.P.
Class A Common Stock								864,653	I⁽²⁾⁽³⁾	By ICONIQ Strategic Partners III-B, L.P.
Class A Common Stock								247,163	I⁽²⁾⁽³⁾	By ICONIQ Strategic Partners V Co-Invest, L.P. (Series ST)
Class A Common Stock								111,891	I⁽²⁾⁽³⁾	By ICONIQ Strategic Partners V Co-Invest, L.P. (Series ST2)
Class A Common Stock								261,954	D⁽⁶⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $108.00 to $108.03. Full information regarding the number of shares sold at each separate price can be furnished to the SEC staff upon request.

2. ICONIQ Strategic Partners II GP, L.P. ("ICONIQ II GP") is the sole general partner of ICONIQ Strategic Partners II, L.P. ("ICONIQ II"), ICONIQ Strategic Partners II-B, L.P. ("ICONIQ II-B"), ICONIQ Strategic Partners II Co-Invest, L.P. (ST Series) ("ICONIQ II ST") and ICONIQ Strategic Partners II Co-Invest, L.P. (ST-2 Series) ("ICONIQ II ST2"). ICONIQ Strategic Partners II TT GP, Ltd. ("ICONIQ II Parent GP") is the sole general partner of ICONIQ II GP. ICONIQ Strategic Partners III GP, L.P. ("ICONIQ III GP") is the sole general partner of ICONIQ Strategic Partners III, L.P. ("ICONIQ III") and ICONIQ Strategic Partners III-B, L.P. ("ICONIQ III-B"). ICONIQ Strategic Partners III TT GP, Ltd. ("ICONIQ III Parent GP") is the sole general partner of ICONIQ III GP. ICONIQ Strategic Partners V GP, L.P. ("ICONIQ V GP") is the sole general partner of ICONIQ Strategic Partners V, L.P. ("ICONIQ V"), ICONIQ Strategic Partners V-B, L.P. ("ICONIQ V-B"), ICONIQ Strategic Partners

3. (continued) V Co-Invest, L.P. (Series ST) ("ICONIQ V ST") and ICONIQ Strategic Partners V Co-Invest, L.P. (Series ST2) ("ICONIQ V ST2"). ICONIQ Strategic Partners V TT GP, Ltd. ("ICONIQ V Parent GP") is the sole general partner of ICONIQ V GP. Divesh Makan and the Reporting Person are the sole equity holders of ICONIQ II Parent GP and ICONIQ III Parent GP and Divesh Makan, the Reporting Person and Matthew Jacobson are the sole equity holders of ICONIQ V Parent GP. The Reporting Person disclaims beneficial ownership of the securities reported herein for purposes of Section 16 of the Exchange Act, except to the extent of his pecuniary interest therein, if any. This report shall not be deemed an admission that the Reporting Person is a beneficial owner of such securities for the purpose of Section 16 of the Exchange Act, or for any other purpose.

4. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $109.00 to $109.995. Full information regarding the number of shares sold at each separate price can be furnished to the SEC staff upon request.

5. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $110.00 to $110.54. Full information regarding the number of shares sold at each separate price can be furnished to the SEC staff upon request.

6. The shares are held by the Reporting Person through his family trust of which he is a trustee and another estate planning trust having an independent trustee. The Reporting Person disclaims beneficial ownership of the shares held by such trusts for purposes of Section 16 of the Exchange Act, except to the extent of his pecuniary interest therein, if any. This report shall not be deemed an admission that the Reporting Person is a beneficial owner of such securities for the purpose of Section 16 of the Exchange Act, or for any other purpose.

	/s/ William J.G. Griffith	07/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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