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Investing.com -- Upland Software Inc (NASDAQ:UPLD) stock rose 3.6% after the company announced it has secured a new $240 million term loan with Sound Point Capital, extending its debt maturity to 2031.
The AI-powered knowledge and content management software provider said the six-year term loan will refinance its existing debt. The agreement also includes a $30 million revolving credit facility to enhance the company’s financial liquidity.
"We’re pleased to complete this new credit facility with Sound Point Capital, their speed and certainty throughout this process was a differentiator," said Jack McDonald, Chief Executive Officer and Chairman of Upland Software (ETR:SOWGn). "This refinancing enhances our financial flexibility, allowing us to invest further in our AI-powered knowledge and content management software solutions."
Andrew Eversfield, Co-Head of Sound Point Direct Lending, stated that the firm’s one-stop lending platform was "the optimal solution for Upland Software’s next phase of growth."
Morrison & Foerster LLP served as legal advisor to Upland Software, while Paul Hastings LLP acted as legal advisor to Sound Point Capital.
The refinancing appears to have been well-received by investors, as reflected in today’s stock movement. The extended debt maturity and additional revolving credit facility provide Upland with improved financial flexibility through the end of the decade.
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