Progress Software announced it has entered into a Fifth Amended and Restated Credit Agreement, significantly increasing its revolving credit facility from $900 million to $1.5 billion. This new facility also extends the maturity date to July 31, 2030, providing enhanced long-term financial flexibility.
As of the closing date, $660 million in revolving credit loans remained outstanding under the amended agreement. This increased liquidity is crucial for supporting Progress's continued growth and its 'Total Growth Strategy', which includes pursuing additional accretive acquisitions.
The expanded credit facility positions Progress to be exceptionally well-prepared for future M&A opportunities. JPMorgan Chase Bank, N.A. acted as Administrative Agent, with several other major banks serving as syndication and documentation agents, and joint bookrunners.
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