Progress Announces Amended Credit Facility
March 07 2024 - 4:21PM
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.
Progress and Progress Software are trademarks or
registered trademarks of Progress Software
Corporation and/or its subsidiaries or affiliates in
the U.S. and other countries. Any other names contained
herein may be trademarks of their respective owners.
Note Regarding Forward-Looking
Statements This press release contains statements
that are “forward-looking statements” within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Progress has
identified some of these forward-looking statements with words like
“believes,” “expects,” “may,” “could,” “would,” “might,” “will,”
“should,” “seeks,” “intends,” “plans,” “estimates,” “targets,” or
“anticipates,” or similar expressions which concern our strategy,
plans, projections or intentions. By their nature, forward-looking
statements: speak only as of the date they are made; are not
statements of historical fact or guarantees of future performance;
and are subject to risks, uncertainties, assumptions, or changes in
circumstances that are difficult to predict or quantify. Our
expectations, beliefs, and projections are expressed in good faith
and we believe there is a reasonable basis for them. However, there
can be no assurance that management’s expectations, beliefs and
projections will result or be achieved and actual results may vary
materially from what is expressed in or indicated by the
forward-looking statements. These forward-looking statements are
subject to a number of risks, uncertainties and assumptions,
including those described under the “Risk Factors” section of our
Annual Report on Form 10-K for the fiscal year ended November 30,
2023. Except as required by law, Progress has no obligation to
update any of these forward-looking statements to conform these
statements to actual results or revised expectations, which speak
only as of the date of this press release.
Investor Contact: |
Press Contact: |
Michael Micciche |
Erica
McShane |
Progress |
Progress |
+1-781-850-8450 |
+1
781-280-4000 |
Investor-Relations@progress.com |
pr@progress.com |
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