secwatch.observer — SEC 8-K summary
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Issuer:     PROGRESS SOFTWARE CORP /MA (PRGS)
CIK:        0000876167
Form:       8-K
Filed at:   2024-03-08T23:59:59+00:00
Accession:  0001552781-24-000080
Event type: debt
Sentiment:  positive
Materiality: 0.55
Item codes: 1.01, 1.02, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/876167/000155278124000080/0001552781-24-000080-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/876167/000155278124000080/e24082_prgs-8k.htm
  HTML page:      https://secwatch.observer/filing/0001552781-24-000080

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