Progress Software issues $450M of 3.50% Convertible Senior Notes due 2030

PROGRESS SOFTWARE CORP /MA

$450M aggregate principal of 3.50% Convertible Senior Notes due 2030, issued March 1, 2024.
Initial conversion price ~$67.74/share (conversion rate 14.7622 shares per $1,000 principal).
Notes mature March 1, 2030; interest payable semi-annually on March 1 and Sept 1.
Entered capped call transactions to reduce potential dilution, cap price ~$92.98/share.
Notes are senior unsecured, rank equally with existing senior unsecured indebtedness.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PROGRESS SOFTWARE CORP /MA entered into Indenture with U.S. Bank Trust Company, National Association valued at $450.0 million aggregate principal amount (effective 2024-03-01).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $450.0 million aggregate principal amount
Effective: 2024-03-01

Exact text from the filing

On March 1, 2024, Progress Software Corporation (the “ Company ”) issued and sold $450.0 million aggregate principal amount of its 3.50% Convertible Senior Notes due 2030 (the “ Notes ”), pursuant to an indenture (the “ Indenture ”), dated as of March 1, 2024, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “ Trustee ”).

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PROGRESS SOFTWARE CORP /MA filing history →

Source: SEC EDGAR

accession 0001552781-24-000058

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