secwatch.observer — SEC 8-K summary
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Issuer:     PROGRESS SOFTWARE CORP /MA (PRGS)
CIK:        0000876167
Form:       8-K
Filed at:   2022-01-27T23:59:59+00:00
Accession:  0000876167-22-000034
Event type: debt
Sentiment:  positive
Materiality: 0.50
Item codes: 1.01, 1.02, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/876167/000087616722000034/0000876167-22-000034-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/876167/000087616722000034/prgs-20220125.htm
  HTML page:      https://secwatch.observer/filing/0000876167-22-000034

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer