BURLINGTON, Mass. - Progress (NASDAQ: PRGS), a provider of infrastructure software, disclosed the establishment of a new $900 million revolving credit facility, maturing on March 7, 2029. This financial restructuring is aimed at bolstering the company's growth strategy by replacing its former secured credit facilities.
The company's Chief Financial Officer, Anthony Folger, remarked that the new credit line enhances Progress's capacity for growth and provides increased flexibility. This move is part of a broader strategy that includes recent convertible notes offerings, positioning the company to pursue accretive acquisitions and implement its Total Growth Strategy.
JPMorgan Chase (NYSE:JPM) Bank, N.A. served as the Administrative Agent for the agreement, with Bank of America, N.A., Citibank, N.A., and Wells Fargo Bank, N.A. as Syndication Agents. Several other institutions, including Citizens Bank, PNC Bank, Silicon Valley Bank, and TD Bank, participated as Documentation Agents. The same leading banks acted as Joint Bookrunners and Joint Lead Arrangers.
Progress's software is utilized by over 4 million developers and technologists across numerous enterprises globally, supporting the development, deployment, and management of mission-critical applications and IT infrastructure.
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