The Firm represented Progress Software Corporation (“Progress”) in connection with the offering of $360 million aggregate principal amount of 1% Convertible Senior Notes due 2026, which includes the partial exercise of the initial purchasers’ option to purchase additional notes. In addition, the Firm represented Progress in connection with capped call transactions entered into with certain of the initial purchasers and/or their respective affiliates and/or other financial institutions concurrently with the offering of the Notes.
Progress used a portion of the net proceeds from the sale of the Notes to pay the cost of the capped call transactions. In addition, Progress used a portion of the net proceeds to repurchase shares of its common stock in privately negotiated transactions effected through on of the initial purchasers or its affiliate, as its agent, concurrently with the pricing of the offering of the Notes. Progress intends to use the remaining net proceeds to fund acquisitions and/or for general corporate purposes.
Progress provides high-performing products to develop, deploy and manage high-impact business applications.
The Simpson Thacher team included Roxane Reardon, Lia Toback, Arielle Trapp and Alexander Leicht (Capital Markets); Jonathan Lindabury, Caitlin Wood and Nathan Utterback (Derivatives); Genevieve Dorment and Alysha Sekhon (Intellectual Property); Jennifer Neilsson (Executive Compensation and Employee Benefits); and Jonathan Goldstein and Edward Grais (Tax).