Upwork enters $150M secured revolving credit facility with Bank of America, maturing 2029

UPWORK, INC

$150M secured revolver with $10M L/C sublimit; option to increase by $50M.
Matures June 23, 2029; interest: Term SOFR + 2.00%-2.50% or Base Rate + 1.00%-1.50%.
Proceeds for working capital, debt repayment, acquisitions, and general corporate purposes.
Covenants: net leverage and fixed charge coverage ratios; secured by substantially all assets.
Joint lead arrangers: BofA Securities and Wells Fargo Securities.

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