Upwork secures $150M revolving credit facility with Bank of America, maturing 2029

Filed June 23, 2026 · Period ending June 23, 2026 · ~1 min read

Key Changes

• high

  Upwork entered a $150M revolving credit facility with Bank of America, including a $10M letter of credit sublimit and option to expand by up to $50M, providing significant liquidity for operations and strategic initiatives.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
• medium

  Proceeds may fund working capital, repay existing convertible debt, cover transaction fees, and finance potential acquisitions, signaling possible capital structure optimization and M&A activity.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
• medium

  The facility matures June 2029 with interest at Term SOFR plus 2.00%-2.50% or Base Rate plus 1.00%-1.50%, with margins tied to leverage ratio, incentivizing lower debt levels.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →