secwatch.observer — SEC 8-K summary
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Issuer:     PROGRESS SOFTWARE CORP /MA (PRGS)
CIK:        0000876167
Form:       8-K
Filed at:   2024-02-28T23:59:59+00:00
Accession:  0001552781-24-000053
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/876167/000155278124000053/0001552781-24-000053-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/876167/000155278124000053/e24057_prgs-8k.htm
  HTML page:      https://secwatch.observer/filing/0001552781-24-000053

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