Progress Software upsizes credit facility to $1.5B, extends maturity to 2030

PROGRESS SOFTWARE CORP /MA

New $1.5B secured revolving facility replaces prior $900M facility from March 2024.
Maturity date extended to July 31, 2030; $660M in revolving loans outstanding at closing.
Interest rate based on Term Benchmark Rate +1.25%-2.50% or base rate +0.25%-1.50%, with 0.15%-0.35% unused commitment fee.
CFO states facility provides greater scale and flexibility to support growth and additional accretive acquisitions.
Joint bookrunners include JPMorgan, Citibank, and Wells Fargo Securities; proceeds for general corporate purposes.

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