The Firm represented Progress Software Corporation (“Progress”) in connection with the offering of $450 million aggregate principal amount of 3.50% Convertible Senior Notes due 2030, which includes the full 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 the net proceeds from the offering of the Notes (i) to repay amounts outstanding under its term loan credit facility; (ii) to fund the cost of entering into the capped call transactions; (iii) to repurchase shares of its common stock in privately negotiated transactions effected through one of the initial purchasers or its affiliate, concurrently with the pricing of the offering of the Notes; and (iv) for general corporate purposes, which may include repayment of other indebtedness.
Progress provides high-performing products to develop, deploy and manage high-impact business applications.
The Simpson Thacher team included Roxane Reardon, Matt Hart and David Turitzin (Capital Markets); Jonathan Lindabury, Nathan Utterback and Alexis Manson (Derivatives); Chris Brown, Mark Haddox, Cem Islikci and Alexandra Cullen (Credit); Alysha Sekhon (Intellectual Property); Michael E. Mann, Edward Grais and Michael Slomovics (Tax); and Jeanne Annarumma (ECEB).