Progress entered into an amended secured credit facility in the aggregate amount of $575 million, including a $275 million senior secured term loan and a $300 million revolving line of credit. The credit facility may be incrementally expanded by an additional amount of $260 million or a greater amount determined by a pro forma senior secured net leverage ratio test, subject to certain conditions. This new credit facility replaces Progress’ existing secured credit facility dated April 30, 2019 and will mature on January 25, 2027, subject to certain conditions.

JPMorgan Chase Bank acted as Administrative Agent; Wells Fargo Bank, and Citizens Bank as Syndication Agents; Bank of America, Citibank, PNC Bank, Silicon Valley Bank, and TD Bank as Documentation Agents, and JPMorgan Chase Bank acted as Sole Bookrunner and Sole Lead Arranger.

“We are very pleased to have entered into this amended credit facility, which expands our borrowing capacity while lowering our costs,” said Anthony Folger, Chief Financial Officer of Progress. “Taking advantage of favorable rates and terms at this time equips Progress with an improved credit facility that can grow with our business and offers us greater flexibility as we execute our total growth strategy over the near and longer term.”