BURLINGTON, Mass., March 07, 2024 (GLOBE NEWSWIRE) — Progress (NASDAQ: PRGS), the trusted provider of infrastructure software, today announced that it has entered into a Fourth Amended and Restated Credit Agreement (the “Amended Credit Agreement”), which provides a revolving credit facility in an aggregate principal amount of $900 million, and replaces the Company’s existing secured credit facilities. The revolving facilities under the Amended Credit Agreement will mature on March 7, 2029. As of the closing date, the Amended Credit Agreement has no term loan facility and there are no revolving credit loans outstanding.
Progress CFO Anthony Folger stated, “This new credit facility provides more scale and flexibility, both of which are important to support Progress’ continued growth. 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, N.A. acted as Administrative Agent; Bank of America, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. as Syndication Agents; and Citizens Bank, N.A., PNC Bank, N.A., Silicon Valley Bank, a division of First-Citizens Bank & Trust Company and TD Bank, N.A. as Documentation Agents, and JPMorgan Chase Bank, N.A., Bank of America, N.A., Citibank, N.A., and Wells Fargo Bank, N.A. acted as Joint Bookrunners and Joint Lead Arrangers.
About Progress
Progress (Nasdaq: PRGS) provides software that enables organizations to develop and deploy their mission-critical applications and experiences, as well as effectively manage their data platforms, cloud and IT infrastructure. As an experienced, trusted provider, we make the lives of technology professionals easier. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com.
