Progress Software Announces Proposed Convertible Senior Notes Offering
BURLINGTON, Mass., Feb. 26, 2024 (GLOBE NEWSWIRE) — Progress Software Corporation (NASDAQ:PRGS) (“Progress”) today announced that it intends to offer, subject to market and other conditions, $350.0 million aggregate principal amount of Convertible Senior Notes due 2030 (the “Notes”), to be sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Progress also expects to grant to the initial purchasers of the Notes an option to purchase up to an additional $52.5 million aggregate principal amount of the Notes, for settlement within a 13-day period beginning on, and including, the first date on which the Notes are issued, solely to cover overallotments.