Progress Software (NASDAQ: PRGS) has announced an amended credit facility that has increased the company’s revolving credit facility from $900 million to $1.5 billion and extended the maturity date to July 31, 2030. As of the closing date, there remains $660 million in revolving credit loans outstanding.
The new credit facility provides scale and flexibility to support Progress' continued growth. With the increased liquidity, Progress is well positioned to deliver on its total growth strategy through additional accretive acquisitions, according to Progress CFO Anthony Folger.
JPMorgan Chase Bank, N.A. acted as administrative agent; Citibank, N.A. and Wells Fargo Bank, N.A. as syndication agents; Bank of America, N.A., PNC Bank, National Association, TD Bank, N.A., Citizens Bank N.A., and First-Citizens Bank & Trust Company as documentation agents; JPMorgan Chase Bank, N.A., Citibank, N.A., and Wells Fargo Securities, LLC acted as joint bookrunners and joint lead arrangers; and BofA Securities, Inc., PNC Bank, National Association, and TD Bank, N.A. acted as joint lead arrangers.
The amended credit facility will provide Progress Software with the necessary resources to continue its growth and expansion initiatives. As a result of these announcements, the company's shares have moved 1.79% on the market, and are now trading at a price of $48.645. If you want to know more, read the company's complete 8-K report here.
