Progress Software enters amended $575M credit facility, lowering costs and expanding capacity

PROGRESS SOFTWARE CORP /MA

New facility includes a $275M senior secured term loan and a $300M revolving credit line, replacing the 2019 facility.
Facility matures January 25, 2027; may be incrementally expanded by at least $260M subject to leverage tests.
CFO Anthony Folger says the amended facility lowers costs and provides greater flexibility for growth strategy.
Interest rates range from 1.00%-2.00% above Term Benchmark Rate or 0.00%-1.00% above base rate, based on leverage.

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