Upland Software draws $40 million term, revolver debt to buy PostUp

By Marisa Wong

Morgantown, W.Va., April 22 – Upland Software, Inc. drew $30 million of new term loan debt and $10 million of revolving credit facility debt in conjunction with its acquisition of PostUp for $35 million in cash, according to a press release.

The draws take Upland’s gross debt outstanding to $321.4 million from $281.4 million with debt, net of cash on hand, now at about $307 million at a maximum interest rate of Libor plus 400 basis points, currently at roughly 6.5%.

Upland is an Austin, Tex.-based cloud-based enterprise work management software company. Also based in Austin, Tex., PostUp is a provider of e-mail and audience development services for publishing and media brands.

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