Progress Software Increases Credit Facility to $1.5B, Extends Maturity Date to 2030.

Progress Software has entered into a new $1.5 billion credit facility, replacing its existing $900 million facility, to support continued growth and provide greater scale and flexibility. The new facility extends the maturity date to July 31, 2030, and there remains $660 million in revolving credit loans outstanding. The increased liquidity will enable Progress to deliver on its Total Growth Strategy.

Progress Software (NASDAQ: PRGS) has entered into a new $1.5 billion credit facility, replacing its existing $900 million facility, to support continued growth and provide greater scale and flexibility. The new facility extends the maturity date to July 31, 2030, and there remains $660 million in revolving credit loans outstanding. The increased liquidity will enable Progress to deliver on its Total Growth Strategy [1].

The Burlington, Massachusetts-based software company announced the Fifth Amended and Restated Credit Agreement, which replaces its existing secured credit facility. JPMorgan Chase Bank served as the Administrative Agent, while Citibank and Wells Fargo Bank acted as Syndication Agents. Bank of America, PNC Bank, TD Bank, Citizens Bank, and First-Citizens Bank & Trust Company served as Documentation Agents. JPMorgan Chase Bank, Citibank, and Wells Fargo Securities acted as Joint Bookrunners and Joint Lead Arrangers [2].

Progress Software provides AI-powered digital experience and infrastructure software, enabling organizations to develop and deploy mission-critical applications and manage their data platforms, cloud, and IT infrastructure. The company's CFO, Anthony Folger, stated, "This new credit facility provides scale and flexibility, both of which are important to support Progress’ continued growth. With our increased liquidity, Progress is exceptionally well positioned to deliver on our Total Growth Strategy through additional accretive acquisitions" [1].

The new credit facility is expected to provide Progress with the necessary financial flexibility to support its strategic initiatives and growth plans. The company has been consistently focused on delivering innovative solutions to its clients, and this new credit facility will further enhance its ability to invest in research and development, expand its product offerings, and pursue strategic acquisitions [2].

Progress Software has identified some forward-looking statements in this press release, which are subject to risks, uncertainties, and assumptions. These statements are based on the company's current expectations and projections, but actual results may vary materially from what is expressed in the forward-looking statements [3].

References:
[1] https://www.streetinsider.com/Corporate+News/Progress+Software+increases+credit+facility+to+%241.5+billion/25077451.html
[2] https://www.marketscreener.com/news/progress-software-announces-amended-credit-ce7c5cdcd188f222
[3] https://finance.yahoo.com/news/progress-software-announces-amended-credit-100000126.html