---
schema_version: "secwatch.filing_event.v1"
accession: "0001552781-24-000051"
form_type: "8-K"
ticker: "PRGS"
cik: "0000876167"
company_name: "PROGRESS SOFTWARE CORP /MA"
filed_at: "2024-02-26T23:59:59+00:00"
generated_at: "2026-06-05T16:13:22.299737+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Progress Software plans $350M convertible notes due 2030; seeks $900M revolver amendment

## Summary
- $350M aggregate principal of convertible senior notes due 2030, with option for additional $52.5M overallotment.
- Proceeds to repay term loan, fund capped call transactions, repurchase up to $25M of common stock, and general corporate purposes.
- Entering amendment and restatement of credit agreement for a $900M revolving credit facility with no term loan, five-year maturity.
- Capped call transactions expected to reduce potential dilution upon conversion of the notes, subject to a cap.
- Notes offered only to qualified institutional buyers under Rule 144A; not registered under Securities Act.

## SEC filing metadata
- accession: 0001552781-24-000051
- form_type: 8-K
- ticker: PRGS
- cik: 0000876167
- company_name: PROGRESS SOFTWARE CORP /MA
- filed_at: 2024-02-26T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/876167/000155278124000051/0001552781-24-000051-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/876167/000155278124000051/e24056_prgs-8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001552781-24-000051
- JSON: https://secwatch.observer/filing/0001552781-24-000051.json
- Plain text: https://secwatch.observer/filing/0001552781-24-000051.txt

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