Loan & DebtJun 23, 2026, 04:51 PM
Upwork Secures New $150M Revolving Credit Facility
AI Summary
Upwork Inc. and its domestic subsidiaries have entered into a new secured revolving Credit Facility for up to $150.0 million, with an option to increase by an additional $50.0 million. The facility, maturing on June 23, 2029, will be used for working capital, general corporate purposes, repurchasing existing convertible indebtedness, funding acquisitions, and covering transaction fees. The obligations are secured by substantially all of the company's assets and bear interest at a variable rate tied to Term SOFR or the Base Rate.
Key Highlights
- Upwork entered into a new Credit Facility for up to $150.0 million.
- The facility includes a $10.0 million sublimit for standby letters of credit.
- There is an option to increase the facility by an additional $50.0 million.
- The Credit Facility matures on June 23, 2029.
- Proceeds can be used for working capital, general corporate purposes, debt repurchase, acquisitions, and fees.
- Obligations are secured by substantially all assets of Upwork and its domestic subsidiaries.
- Interest rates are Term SOFR + 2.00%-2.50% or Base Rate + 1.00%-1.50%, depending on leverage ratio.
Price Impact
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