Upland Software gets $350 million term loan B, $60 million revolver

By Angela McDaniels

Tacoma, Wash., Aug. 6 – Upland Software, Inc. entered into a new credit agreement that provides for a $350 million senior secured term loan B due August 2026 and a $60 million senior secured revolver due August 2024, according to a company news release.

The term loan proceeds were used to refinance the company’s existing credit agreement while adding about $33 million of cash to the company’s balance sheet, bringing its total cash balance up to about $141 million and bringing net debt to about $209 million.

The company said the cash on hand and the undrawn revolver represent readily available capital to fund its growth strategy.

The credit agreement is expandable.

Credit Suisse Loan Funding LLC, Wells Fargo Securities, LLC, Capital One, NA, HSBC Securities (USA) Inc. and Regions Bank were the joint lead arrangers and joint bookrunners.

“Our growth and execution to date have allowed us to achieve the scale and credit quality necessary to significantly upgrade our credit agreement improving both the structure and the cost of our capital,” chief financial officer Mike Hill said in the news release.

Hill said the credit agreement was “significantly oversubscribed.”

Upland Software makes cloud-based enterprise work management software and is based in Austin, Tex.

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