Upland Software, Inc. (Nasdaq: UPLD), an Austin, Texas-based cloud-based enterprise work management software provider, entered into a new credit agreement that provides $410m in term and revolving loan facilities.
Credit Suisse Loan Funding LLC arranged the transaction, together with Wells Fargo Securities, LLC, Capital One, National Association, HSBC Securities (USA) Inc. and Regions Bank, all of whom served as Joint Lead Arrangers and Joint Bookrunners on the deal.
The credit agreement, which is expandable as Upland continues its growth trajectory, includes:
– a $350 million senior secured term loan B facility maturing in August 2026 and
– a $60 million senior secured revolving credit facility maturing in August 2024.
The funds available from the new term loan were used to refinance the company’s existing credit agreement while adding approximately $33m of additional cash to its balance sheet bringing total cash balance up to approximately $141m and bringing net debt to approximately $209 million. This cash on hand coupled with the new undrawn $60 million revolver commitment represents readily available capital to fund the company’s continuing acquisitive growth strategy.
Led by Jack McDonald, Chairman and CEO, Upland Software is a leader in cloud-based enterprise work management software. The company provides seven enterprise cloud solution suites that enable more than one million users at over 9,000 accounts to win and engage customers, automate business operations, manage projects and IT costs, and share knowledge throughout the enterprise.
FinSMEs
06/08/2019