Short answer
UPWORK, INC (UPWK) filed an 8-K current report with the SEC on June 23, 2026 reporting Item 1.01 (Entry into a Material Definitive Agreement). $150M secured revolving credit facility, with $10M standby letter-of-credit sublimit.
UPWORK, INC 8-K event analysis
AI summary of each reported item and its exhibits
Item 1.01 · Entry into a Material Definitive Agreement
- $150M secured revolving credit facility, with $10M standby letter-of-credit sublimit
- Additional $50M borrowing capacity available through revolver expansion or term loans
- Matures June 23, 2029; proceeds support working capital, acquisitions, and convertible-debt repayment
- Term SOFR pricing at 2.00%-2.50% margin; secured by substantially all company and domestic-subsidiary assets
- Leverage and fixed-charge covenants constrain borrowing, distributions, liens, and asset sales
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