Progress Software Secures $900M Credit Facility

Progress (NASDAQ: PRGS) has just announced its entry into a fourth amended and restated credit agreement, providing a revolving credit facility in the amount of $900 million, replacing the company’s existing secured credit facilities. The new facility, which will mature on March 7, 2029, offers increased liquidity and flexibility for the company's continued growth.

As of the closing date, there are no outstanding revolving credit loans under the amended credit agreement. Progress CFO Anthony Folger emphasized the importance of the new credit facility, stating that it provides the company with more scale and flexibility. He also highlighted the company's strong position following the recently completed convertible notes offering, enabling Progress to pursue accretive acquisitions and execute its total growth strategy.

JPMorgan Chase Bank, N.A. acted as the administrative agent for the amended credit agreement, with Bank of America, N.A., Citibank, N.A., and Wells Fargo Bank, N.A. serving as syndication agents. Additionally, Citizens Bank, N.A., PNC Bank, N.A., Silicon Valley Bank (a division of First-Citizens Bank & Trust Company), and TD Bank, N.A. acted as documentation agents, while JPMorgan Chase Bank, N.A., Bank of America, N.A., Citibank, N.A., and Wells Fargo Bank, N.A. served as joint bookrunners and joint lead arrangers.

Progress (NASDAQ: PRGS) is a trusted provider of infrastructure software that enables organizations to develop and deploy mission-critical applications and experiences while effectively managing their data platforms, cloud, and IT infrastructure. The company serves over 4 million developers and technologists at hundreds of thousands of enterprises.

The market has reacted to these announcements by moving the company's shares 0.6% to a price of $54.25. If you want to know more, read the company's complete 8-K report here.

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