Upwork enters $150 million secured revolving credit facility maturing June 2029
Upwork and its domestic subsidiaries entered into a Credit Agreement on June 23, 2026, with Bank of America, N.A. as administrative agent, providing a secured revolving loan of up to $150.0 million. The facility is secured by substantially all company and domestic subsidiary assets and can be increased by up to an additional $50.0 million, and proceeds may be used partly to repurchase or repay certain existing convertible indebtedness.
Key points
- Revolving facility of up to $150.0 million, including a $10.0 million sublimit for standby letters of credit
- Optional increase of up to an additional $50.0 million through a revolver increase or new term loans
- Borrowings bear interest at Term SOFR plus 2.00% to 2.50%, or Base Rate plus 1.00% to 1.50%, based on consolidated net leverage
- Facility matures June 23, 2029 and contains customary covenants and events of default
The filing
Written by AI on Nov 8, 2026, 6:59 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 23, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.