secwatch.observer — SEC 8-K summary
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Issuer:     PROGRESS SOFTWARE CORP /MA (PRGS)
CIK:        0000876167
Form:       8-K
Filed at:   2025-07-22T23:59:59+00:00
Accession:  0001552781-25-000224
Event type: debt
Sentiment:  positive
Materiality: 0.65
Item codes: 1.01, 1.02, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/876167/000155278125000224/0001552781-25-000224-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/876167/000155278125000224/e25263_prgs-8k.htm
  HTML page:      https://secwatch.observer/filing/0001552781-25-000224

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