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

Upwork Inc. (NASDAQ: UPWK) entered into a secured revolving credit agreement on June 23, 2026, with Bank of America, N.A. serving as administrative agent, providing the company access to up to $150.0 million in revolving loans.

The credit facility includes a $10.0 million sublimit for standby letters of credit and an option to increase the total facility by up to an additional $50.0 million through revolving loan increases or new term loans. BofA Securities, Inc. and Wells Fargo Securities, LLC are serving as joint lead arrangers and joint bookrunners.

Proceeds may be used for working capital, general corporate purposes, repurchasing or repaying certain existing convertible debt, transaction fees and expenses, and potential acquisitions. The facility is secured by substantially all assets of Upwork and its domestic subsidiaries, and is scheduled to mature on June 23, 2029.

Borrowings will bear interest at either Term SOFR plus a margin of 2.00% to 2.50%, or the Base Rate plus a margin of 1.00% to 1.50%, with the applicable margin determined by the company's consolidated net leverage ratio.

The agreement contains customary covenants restricting the company's ability to incur liens, take on additional debt, make certain restricted payments, and dispose of assets. The facility also requires Upwork to maintain a consolidated net leverage ratio and a consolidated fixed charge coverage ratio.

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