E2open gets $30 million incremental revolver commitment

By Sara Rosenberg

New York, June 1 – E2open Parent Holdings Inc. has received a commitment for a $30 million incremental revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

As previously reported, the company also has a commitment for a $380 million incremental first-lien term loan.

Goldman Sachs Bank USA and Credit Suisse provided the debt commitment.

Proceeds will be used to help fund the acquisition of BluJay Solutions for an aggregate of 72.4 million shares of class A common stock and about $760 million of cash, which includes the repayment of debt, subject to certain adjustments. The stock and cash transaction is valued at around $1.7 billion.

The company has also secured for the transaction $300 million in a common equity PIPE from institutional investors including Neuberger Berman, the WindAcre Partnership, Eminence Capital and XN.

Pro forma net leverage is expected to be 4.1x fiscal year 2022 EBITDA at closing and 3.5x by the end of fiscal year 2022.

Closing is targeted for the third quarter, subject to regulatory approvals, E2open shareholder approval and other customary conditions.

E2open is an Austin, Tex.-based network-based provider of cloud-based, mission-critical, end-to-end supply chain management software. BluJay is a Holland, Mich.-based cloud-based, logistics execution platform.

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