---
schema_version: "secwatch.filing_event.v1"
accession: "0001552781-24-000080"
form_type: "8-K"
ticker: "PRGS"
cik: "0000876167"
company_name: "PROGRESS SOFTWARE CORP /MA"
filed_at: "2024-03-08T23:59:59+00:00"
generated_at: "2026-06-05T00:59:01.966263+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Progress enters $900M revolving credit facility, replacing existing secured facility

## Summary
- $900M secured revolving credit facility matures March 7, 2029; no term loans or revolver drawn at closing.
- Replaces prior secured credit facility (Jan 2022); interest rate spreads 1.50%-3.00% over Term SOFR.
- CFO states facility provides more scale and flexibility to support accretive acquisitions and Total Growth Strategy.
- Quarterly commitment fee on undrawn portion; proceeds for general corporate purposes.

## SEC filing metadata
- accession: 0001552781-24-000080
- form_type: 8-K
- ticker: PRGS
- cik: 0000876167
- company_name: PROGRESS SOFTWARE CORP /MA
- filed_at: 2024-03-08T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/876167/000155278124000080/0001552781-24-000080-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/876167/000155278124000080/e24082_prgs-8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001552781-24-000080
- JSON: https://secwatch.observer/filing/0001552781-24-000080.json
- Plain text: https://secwatch.observer/filing/0001552781-24-000080.txt

## Key facts
- Material Agreements
  PROGRESS SOFTWARE CORP /MA entered into Fourth Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., Bank of America, N.A., Citibank, N.A., Wells Fargo Bank, N.A., Citizens Bank, N.A., PNC Bank, National Association, Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, and TD Bank, N.A. valued at $900.0 million (effective 2024-03-07).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: JPMorgan Chase Bank, N.A., Bank of America, N.A., Citibank, N.A., Wells Fargo Bank, N.A., Citizens Bank, N.A., PNC Bank, National Association, Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, and TD Bank, N.A.
  - Value: $900.0 million
  - Effective: 2024-03-07
  source text: On March 7, 2024, Progress Software Corporation (“ Progress ”) entered into a Fourth Amended and Restated Credit Agreement (the “ Credit Agreement ”) with each of the lenders party thereto (the “ Lenders ”), JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A., Citibank, N.A. and Wells Fargo Bank, N.A., as Syndication Agents, Citizens Bank, N.A., PNC Bank, National Association, Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, and TD Bank, N.A., as Documentation Agents, and JPMorgan Chase Bank, N.A., BofA Securities, Inc., Citibank, N.A. and Wells Fargo Securities, LLC, as Joint Bookrunners and Joint Lead Arrangers, providing for a $900.0 million secured revolving credit facility
  evidence_url: https://www.sec.gov/Archives/edgar/data/876167/000155278124000080/0001552781-24-000080-index.htm

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