Wednesday, August 7, 2019

Upland Software Gets $410M In Credit

Austin-based enterprise software developer Upland Software has raised $410M in a new credit agreement, in the form of a term and revolving loan, the company said late Tuesday. According to the company, the new financing will help it with additional capital for growth. The company said the financing was arranged by Credit Suisse Loan Funding LLC along with Wells Fargo Securities, LLC, Capital One, National Association, HSBC Securities (USA) Inc. and Regions Bank. The agreement is split between 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, according to the company, and brings the company's cash to approximately $141M and net debt to approximately $209M.