Blackbaud, a cloud software company powering social good, has entered into a new $700 million credit agreement that includes a $300 million senior secured term loan and a $400 million revolving credit facility.
The new credit matures in 2022 and replaces a credit agreement created in 2014.
“Our success in executing the strategy we laid out in 2014 caused us to ‘outgrow’ the existing credit facility as our free cash flow will have increased by 32 percent from 2014 through 2017, despite having become a full cash taxpayer during this period,” Tony Boor, Blackbaud’s executive vice president and chief financial officer, said. “The credit markets remain strong for companies with solid financial performance and we took advantage of this market as our existing credit facility would have expired within two years. We’ve entered into a facility that is designed to grow with our business and offers us greater flexibility as we pursue our long term aspirational goals.”
The new credit gives the company flexibility to innovate as it expands, according to a statement from Mike Gianoni, Blackbaud's president and CEO.
Blackbaud serves nonprofits, corporations and education institutions, among others. The company is based in Charleston.