---
schema_version: "secwatch.filing_event.v1"
accession: "0001552781-24-000053"
form_type: "8-K"
ticker: "PRGS"
cik: "0000876167"
company_name: "PROGRESS SOFTWARE CORP /MA"
filed_at: "2024-02-28T23:59:59+00:00"
generated_at: "2026-06-05T09:59:10.663221+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Progress prices $400M convertible senior notes due 2030, upsized from $350M

## Summary
- 3.50% coupon, maturity March 1, 2030; conversion price ~$67.74/share, 27.5% premium over $53.13 close.
- Net proceeds ~$389.3M ($438.1M if overallotment exercised); used to repay term loan, fund $37.5M capped call, repurchase ~470,544 shares for $25M.
- Initial purchasers have 13-day option to buy additional $50M principal.
- Capped call transactions entered to reduce dilution upon conversion, cap price ~$92.98.

## SEC filing metadata
- accession: 0001552781-24-000053
- form_type: 8-K
- ticker: PRGS
- cik: 0000876167
- company_name: PROGRESS SOFTWARE CORP /MA
- filed_at: 2024-02-28T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/876167/000155278124000053/0001552781-24-000053-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/876167/000155278124000053/e24057_prgs-8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001552781-24-000053
- JSON: https://secwatch.observer/filing/0001552781-24-000053.json
- Plain text: https://secwatch.observer/filing/0001552781-24-000053.txt

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