Progress Software Enhances Financial Stability with New Credit Facility
Progress Software, a prominent provider of AI-driven digital experience and infrastructure software, has recently made a significant advancement in its financial strategy by entering into a Fifth Amended and Restated Credit Agreement. This new agreement not only increases the company's revolving credit facility from $900 million to an impressive $1.5 billion but also extends the maturity date to July 31, 2030.
Benefits of the New Credit Agreement
This enhanced credit facility marks a pivotal moment for Progress Software as it replaces the existing secured credit facility. As of now, the company still has $660 million in revolving credit loans outstanding. With this new financial flexibility, Progress is well-equipped to continue its trajectory of growth and innovation in the tech industry.
Comments From Leadership
Anthony Folger, CFO of Progress Software, commented on this milestone by stating, "This new credit facility provides scale and flexibility, both of which are important to support Progress' continued growth. With our increased liquidity, Progress is exceptionally well positioned to deliver on our Total Growth Strategy through additional accretive acquisitions." This statement signals the confidence of the management in the strategic direction and growth potential of the company.
Strategic Partnerships and Agents Involved
The restructuring of Progress Software's credit facility was made possible with the involvement of several reputable financial institutions. JPMorgan Chase Bank, N.A. acted as the Administrative Agent, while Citibank, N.A. and Wells Fargo Bank, N.A. served as Syndication Agents. Additionally, Bank of America, N.A., PNC Bank, National Association, TD Bank, N.A., Citizens Bank N.A., and First-Citizens Bank & Trust Company were involved as Documentation Agents. This collaboration illustrates a strong belief in Progress Software's potential as a robust enterprise in the tech landscape.
About Progress Software
Established to help organizations build and manage mission-critical applications efficiently, Progress Software is dedicated to making the lives of technology professionals easier. The company's extensive product offering empowers clients to develop, deploy, and manage their data platforms, cloud, and IT infrastructure seamlessly. With a focus on innovation and user experience, Progress continues to lead the industry.
Investor and Press Contacts
Investor Contact:
Michael Micciche
Progress Software
+1 781-850-8450
Investor-Relations@progress.com
Press Contact:
Jeff Young
Progress Software
+1 781-280-4000
PR@progress.com
Frequently Asked Questions
1. What is the purpose of Progress Software's new credit facility?
The new credit facility aims to provide increased financial flexibility and support the company's growth strategy, including potential acquisitions.
2. How much has Progress Software increased its credit facility?
The credit facility has been increased from $900 million to $1.5 billion.
3. When does the new credit facility mature?
The maturity date for the new credit facility is July 31, 2030.
4. Who are the key partners in the new credit agreement?
Key partners include JPMorgan Chase Bank, Citibank, Wells Fargo, and several other financial institutions acting as syndication and documentation agents.
5. How does this impact Progress Software's growth strategy?
This financial boost positions Progress Software to pursue its Total Growth Strategy, facilitating further investment in strategic acquisitions and innovations.
