Upland Software increases credit facility size to $358.9 million

By Sarah Lizee

Olympia, Wash., Oct. 3 – Upland Software, Inc. entered into an amendment to its credit facility on Wednesday, expanding it to $358.9 million from $258.7 million, according to an 8-K filing with the Securities and Exchange Commission.

The facility includes a $223.9 million outstanding term loan, a $30 million delayed-draw term loan commitment, a $30 million revolving loan commitment and a $75 million uncommitted accordion.

Specifically, $63 million of new term debt was drawn with no associated call protection, taking the company’s gross debt outstanding to $223.9 million from $160.9 million, with net debt now at about $209 million at a new lower maximum interest rate of Libor plus 400 basis points, the company said.

The amendment also provided for an adjustment to the net leverage ratio to increase the amount of funded debt to EBITDA.

The company entered into the amendment in connection with its acquisition of Rapide Communication Ltd. (Rant & Rave).

Wells Fargo Bank, NA is the administrative agent and U.S. agent, and Wells Fargo Capital Finance Corp. Canada is the Canadian agent.

Upland is an Austin, Texas-based company that develops cloud-based enterprise work management software.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.