Progress Software restates $900 million revolver with 2029 maturity

By Wendy Van Sickle

Columbus, Ohio, March 7 – Progress Software Corp. entered into a fourth amended and restated credit agreement to provide for a $900 million revolving credit facility, which replaces the company’s existing secured credit facilities, according to a news release.

The revolving facilities under the amended credit agreement will mature on March 7, 2029.

As of the closing date, the credit agreement had no term loan facility and there are no revolving credit loans outstanding.

“This new credit facility provides more scale and flexibility, both of which are important to support Progress’ continued growth,” Progress chief financial officer Anthony Folger stated in the release. Taken together with the recently completed convertible notes offering, Progress is exceptionally well positioned to continue making accretive acquisitions and executing our total growth strategy.”

JPMorgan Chase Bank, NA is administrative agent and is a joint bookrunner and joint lead arranger along with Bank of America, NA, Citibank, NA and Wells Fargo Bank, NA.

Bank of America, Citibank and Wells Fargo are syndication agents. Citizens Bank, NA, PNC Bank, NA, Silicon Valley Bank and TD Bank, NA are documentation agents.

Progress is a Bedford, Mass.-based provider of application development and digital experience technologies.

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