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Progress Software Announces Amended Credit Facility

New $1.5B facility will support continued growth and provide greater scale and flexibility

BURLINGTON, Mass., July 22, 2025 (GLOBE NEWSWIRE) --  Progress Software (NASDAQ:PRGS), the trusted provider of AI-powered digital experience and infrastructure software, today announced that it has entered into a Fifth Amended and Restated Credit Agreement (the "Amended Credit Agreement"), which, among other things, increased the company's revolving credit facility from $900 million to $1.5 billion and extended the maturity date to July 31, 2030. The Amended Credit Agreement replaces the Company's existing secured credit facility and, as of the closing date, there remains $660 million in revolving credit loans outstanding.

Progress CFO Anthony Folger stated, "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."

JPMorgan Chase Bank, N.A. acted as Administrative Agent; Citibank, N.A. and Wells Fargo Bank, N.A.as Syndication Agents; Bank of America, N.A., PNC Bank, National Association, TD Bank, N.A., Citizens Bank N.A., and First-Citizens Bank & Trust Company as Documentation Agents; JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells ...