Upland Software adds $15 million term loan, amends credit agreement

By Angela McDaniels

Tacoma, Wash., April 24 – Upland Software, Inc. amended its credit agreement on Friday to provide for an additional $15 million term loan under its $90 million credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The company used part of the uncommitted accordion facility for the term loan.

The amendment also provides for, among other things, the following:

• The availability of U.S. and Canadian revolving loans up to the lesser of $10 million and 108.75% (subject to step-downs beginning June 30) of the borrowers’ recurring revenues on a trailing-12-month pro forma basis minus the outstanding balance of loans and letters of credit made under the credit agreement;

• An allowance for earn-outs in relation to permitted acquisitions; and

• An increase in the maximum amount of purchase consideration payable in respect of all permitted acquisitions to $150 million from $75 million.

The Austin, Texas-based company develops cloud-based enterprise work management software.

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