Monitor upcoming quarterly filings for draws on the facility and leverage ratio trajectory. If the company draws down to fund acquisitions or convertible repurchases, a leverage spike near the 2.50x covenant ceiling would be a risk signal. Conversely, an undrawn facility with strong cash flow would be comfortable. The presence of Wells Fargo as joint arranger suggests solid institutional support.
Price Chart
Executive Summary
Upwork entered into a $150M secured revolving credit facility with Bank of America and Wells Fargo on June 23, 2026, maturing in 2029, with an option to increase by $50M. The facility provides liquidity for working capital, acquisitions, and convertible debt repurchases. The credit agreement includes net leverage and fixed charge coverage covenants, and the obligations are secured by substantially all assets of Upwork and its domestic subsidiaries.
Key Financial Metrics
Key Facts
- $150M secured revolving credit facility with Bank of America and Wells Fargo
- Maturity date June 23, 2029 (3-year term)
- Option to increase facility by up to $50M via incremental term loans or increased revolver
- Pricing: Term SOFR + 2.00%-2.50% or Base Rate + 1.00%-1.50%, based on leverage ratio
- Covenants: max Consolidated Net Leverage Ratio 2.50x, min Consolidated Fixed Charge Coverage Ratio 1.25x
- Proceeds can fund working capital, acquisitions, and repurchase/repay existing convertible debt
- Secured by substantially all assets of Upwork and domestic subsidiaries
Financial Impact
New $150M secured credit facility provides liquidity headroom; interest cost at SOFR + 2.00-2.50%. No borrowings drawn at closing disclosed.
Risk Factors
- Increased leverage if facility is drawn for acquisitions or share repurchases
- Covenant risk: net leverage cannot exceed 2.50x or fixed charge coverage fall below 1.25x
- Secured facility puts substantially all assets as collateral, restricting future unsecured borrowing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001627475-26-000039 |
| Document: upwork-20260623.htm | 0001627475-26-000039 |
| Document: 0001627475-26-000039-index-headers.html | 0001627475-26-000039 |
| Document: 0001627475-26-000039-index.html | 0001627475-26-000039 |
| Document: 0001627475-26-000039.txt | 0001627475-26-000039 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 22, 2026 5w ago | Insider Cluster | $8.18 $8.75 | ▼ −6.97% | ▼ −6.28% | $9.51 (−16.26%) |
Aug 20, 2026 9w ago | Insider Cluster | $8.61 $8.37 | ▲ +2.79% | ▲ +3.80% | $9.51 (−10.45%) |
Aug 10, 2026 11w ago | Press Release | $8.36 $8.24 | ▲ +1.44% | ▲ +0.38% | $9.51 (−13.76%) |
Jul 16, 2026 14w ago | 8-K | $9.06 $8.49 | ▼ −6.35% | ▼ −10.79% | $9.51 (+4.97%) |
Jun 23, 2026 17w ago | 8-K | $8.22 $8.96 | ▲ +9.00% | ▲ +7.07% | $9.51 (+15.69%) |
Jun 8, 2026 20w ago | 3 | $8.82 $8.87 | ▲ +0.57% | ▼ −0.88% | $9.51 (+7.82%) |
Jun 5, 2026 20w ago | 8-K | $8.76 $8.86 | ▲ +1.14% | ▼ −0.72% | $9.51 (+8.56%) |
May 20, 2026 22w ago | Insider Cluster | $8.44 $7.86 | ▼ −6.93% | ▼ −7.26% | $9.51 (+12.68%) |
May 7, 2026 24w ago | 8-K | $8.82 $8.76 | ▲ +0.68% | ▲ +0.70% | $9.51 (−7.82%) |
Apr 23, 2026 26w ago | DEFA14A | $10.48 $8.66 | ▼ −17.37% | ▼ −22.00% | $9.51 (−9.26%) |
US Market Status
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