Upland Software completed a $190 million term loan with Credit Suisse, Cayman Islands Branch as administrative agent and lender.

According to a related 8-K filing, the incremental assumption agreement provides for a term loan facility to be established under the credit agreement in an aggregate principal amount of $190 million, which will be in addition to the existing $350 million term loans outstanding under the credit agreement and its $60 million revolving credit facility under the credit agreement.

“Our acquisition pipeline remains robust, and this financing, together with our revolving credit facility and cash on hand, gives us over $240 million to continue executing on our highly accretive consolidation plan in cloud software,” said Jack McDonald, chairman and CEO of Upland.

The company will use a portion of the proceeds of the incremental term loan to immediately pay down all of the $59 million outstanding on the its revolving credit facility, after which the company will be able to reborrow the full $60 million revolver as needed. After paying down the company’s revolving credit facility, the company’s gross debt will be $540 million and, after subtracting cash on-hand, the company’s net debt will remain at $359 million which is approximately 3.6x the company’s adjusted EBITDA annualized run-rate, within the Company’s target range for net leverage.

The company also entered into interest rate swap agreements to hedge the risk associated with the company’s floating rate obligations under the new incremental term loan, fixing the company’s annual interest rate (including the hedge premium) at 5.4% for the term of the new incremental term loan. as such, all of the company’s outstanding term loan debt is now fixed at an effective annual interest rate of 5.4% for the full term of the loans.

Upland Software is a cloud-based enterprise work management software.