Blackbaud gets $250 million more term loans, draws on revolver

By Wendy Van Sickle

Columbus, Ohio, Jan. 3 – Blackbaud, Inc. entered into a first incremental term loan agreement on Dec. 31 with Bank of America, NA as administrative agent, providing for $250 million of additional loans, according to an 8-K filing with the Securities and Exchange Commission.

The company borrowed the full incremental term loan amount at closing as well as $185 million of revolving loans to fund a portion of the consideration and expenses related to its acquisition of EverFi, Inc.

The incremental term loans bear interest at SOFR plus an adjustment of 100 basis points plus a margin ranging from 135.7 bps to 250 bps, depending on net leverage ratio. The incremental loans mature on Oct. 30, 2025, which is the same as the existing term loans under the credit agreement.

Blackbaud is a cloud software company based in Charleston, S.C. Based in Washington, D.C., EverFi combines cloud-based software and a engagement ecosystem to allow private, public and social sector organizations to respond to challenges through education and activating community engagement at scale.

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