UPWK Enters $150M Loan
Upwork Inc. enters credit agreement for secured revolving loan up to $150 million
On June 23, 2026, Upwork Inc., or the Company, and the Company’s domestic subsidiaries entered into a Credit Agreement, or the Credit Facility, with the lenders party thereto and Bank of America, N.A., as administrative agent, L/C issuer, and swingline lender, and BofA Securities, Inc. and Wells Fargo Securities, LLC as joint lead arrangers and joint bookrunners.
The Credit Facility provides for a secured revolving loan, available in an amount up to $150.0 million, which includes a $10.0 million sublimit for the issuance of standby letters of credit.
The Credit Facility also includes an option to increase the amount of the Credit Facility, through either an increase to the revolving loan or the incurrence of new term loans, up to an additional $50.0 million.
The proceeds of the Credit Facility may be used to fund the Company’s working capital and other general corporate purposes, repurchase or repay certain existing convertible indebtedness of the Company, pay fees and expenses in connection with the transaction and fund potential acquisitions, subject to the terms of the Credit Facility.
The Credit Facility is scheduled to mature on June 23, 2029.