Blackbaud, Inc. (NASDAQ:BLKB) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On January 2, 2019, Blackbaud, Inc. (the “Company”) borrowed $158 million to a revolving credit loan under its existing senior secured credit facility (the “Credit Facility”) to finance its acquisition of YourCause Holdings, LLC, a Delaware limited liability company (“YourCause”), which is described under Item 8.01 of this Current Report on Form 8-K. Following the borrowing, approximately $262 million is currently outstanding under the revolving credit loan with approximately $138 million of available borrowing capacity under the Credit Facility. Summaries of the terms of the Credit Facility and related agreements are more fully described in the Company’s Current Report on Form 8-K filed by the Company with the SEC on June 5, 2017, as well as the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed by the Company with the SEC on February 20, 2018.
Item 8.01. Other Events.
On January 2, 2019, the Company acquired, directly and indirectly, the entire issued and outstanding equity interests of YourCause through a series of transactions and to an agreement and plan of merger among the Company and certain of its subsidiaries, YourCause, a representative of the equityholders of YourCause, and certain other parties identified therein (the “Acquisition”). To complete the Acquisition, the Company paid an aggregate purchase price of $157 million in cash, subject to certain adjustments set forth in the agreement and plan of merger. The purchase price and related expenses were funded primarily through borrowings under the Credit Facility, as described in Item 2.03 of this Current Report on Form 8-K.
Blackbaud issued a press release announcing the closing of the Acquisition. A copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are filed with this current report:
BLACKBAUD INC Exhibit
EX-99.1 2 ex991jan-2×2019.htm EXHIBIT 99.1 Exhibit Exhibit 99.1 PRESS RELEASE Blackbaud Acquires Market-leading Corporate Social Responsibility Provider YourCause Acquisition will accelerate,…
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About Blackbaud, Inc. (NASDAQ:BLKB)
Blackbaud, Inc. is a provider of software and services for the global philanthropic community. The Company’s segments include the General Markets Business Unit (the GMBU), the Enterprise Customer Business Unit (the ECBU) and the International Business Unit (the IBU). The GMBU is focused on marketing, sales, delivery and support to all emerging and mid-sized prospects and customers in North America. The ECBU is focused on marketing, sales, delivery and support to all large and/or strategic prospects and customers in North America. The IBU is focused on marketing, sales, delivery and support to all prospects and customers outside of North America. It operates in four geographic regions: United States, Canada, Europe and Australia. The Company’s customers use its cloud-based and on-premises software solutions and related services to help manage donations, fundraising costs, communications with constituents and manage their finances.
