Progress Software Announces Upsize and Pricing of Convertible Senior Notes Offering
BURLINGTON, Mass., Feb. 27, 2024 (GLOBE NEWSWIRE) — Progress Software Corporation (NASDAQ:PRGS) (“Progress”) today announced the pricing of its private offering of $400.0 million aggregate principal amount of 3.50% Convertible Senior Notes due 2030 (the “Notes”) 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 granted the initial purchasers of the Notes an option to purchase up to an additional $50.0 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. The aggregate principal amount of the offering was increased from the previously announced offering size of $350.0 million (or $402.5 million if the initial purchasers exercise their option to purchase additional notes in full). The offering of the Notes is expected to close on March 1, 2024, subject to customary closing conditions.