Daniel Island software firm Blackbaud Inc. has replenished its financial arsenal.
The company said today it has lined up a new $175 million secured loan and a $150 million revolving credit line that could increase to $200 million under certain conditions.
CEO Mike Gianoni said the financning provides Blackbaud "with increased operational and financial flexibility, lower capital costs, and an extended maturity, together with increased borrowing capacity to enable continued execution of our strategic priorities."
The new lending agreement with Bank of America, SunTrust Bank, Regions Bank and Fifth Third Bank runs through February 2019.
"The current favorable market conditions provide an opportunity for us to enter into this new credit facility amidst strong oversubscription to optimize our capital structure and will enable greater flexibility for our company to pursue growth and invest in the business," said Tony Boor, chief financial officer,
Blackbaud is the world's largest provider of software and services for the nonprofit industry,