---
schema_version: "secwatch.filing_event.v1"
accession: "0000876167-22-000034"
form_type: "8-K"
ticker: "PRGS"
cik: "0000876167"
company_name: "PROGRESS SOFTWARE CORP /MA"
filed_at: "2022-01-27T23:59:59+00:00"
generated_at: "2026-06-27T15:14:16.983606+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000876167-22-000034
- form_type: 8-K
- ticker: PRGS
- cik: 0000876167
- company_name: PROGRESS SOFTWARE CORP /MA
- filed_at: 2022-01-27T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/876167/000087616722000034/0000876167-22-000034-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/876167/000087616722000034/prgs-20220125.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000876167-22-000034
- JSON: https://secwatch.observer/filing/0000876167-22-000034.json
- Plain text: https://secwatch.observer/filing/0000876167-22-000034.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.