---
schema_version: "secwatch.filing_event.v1"
accession: "0001552781-24-000058"
form_type: "8-K"
ticker: "PRGS"
cik: "0000876167"
company_name: "PROGRESS SOFTWARE CORP /MA"
filed_at: "2024-03-01T23:59:59+00:00"
generated_at: "2026-06-05T05:58:29.191229+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- $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.

## SEC filing metadata
- accession: 0001552781-24-000058
- form_type: 8-K
- ticker: PRGS
- cik: 0000876167
- company_name: PROGRESS SOFTWARE CORP /MA
- filed_at: 2024-03-01T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/876167/000155278124000058/0001552781-24-000058-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/876167/000155278124000058/e24066_prgs-8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001552781-24-000058
- JSON: https://secwatch.observer/filing/0001552781-24-000058.json
- Plain text: https://secwatch.observer/filing/0001552781-24-000058.txt

## Key facts
- Material Agreements
  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
  source text: 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 ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/876167/000155278124000058/0001552781-24-000058-index.htm

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