Business Context and Reporting Period
Company: Blackbaud, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: June 23, 2008
Event: Entry into a Material Definitive Agreement regarding a credit facility amendment.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, or liquidity metrics. It focuses exclusively on debt capacity adjustments.
| Metric | Value |
|---|---|
| Revolving Credit Facility Increase | Approximately $15 million |
| New Aggregate Principal Amount | $90,000,000 |
| Maturity Date | July 25, 2012 |
| Administrative Agent | Wachovia Bank, National Association |
Material Changes
On June 23, 2008, Blackbaud amended its Original Credit Facility (dated July 25, 2007). The primary material change is an increase in the borrowing capacity under the revolving credit facility by approximately $15 million, bringing the total aggregate principal amount to $90 million. The amendment also increases the aggregate principal amount available for swingline loans. This adjustment represents one of two permissible increases in the revolving credit commitment allowed under the original agreement.
Outlook and Management Commentary
The filing states that the terms and conditions of the Amended Credit Facility remain generally the same as the Original Credit Facility. No specific guidance, risk factors, or management commentary regarding future financial performance is provided in this document. The agreement is subject to early termination by Blackbaud or the Administrative Agent.
Investor Verification Checklist
- Verify the full terms of the Amended Credit Facility in Exhibit 10.32 attached to the filing.
- Confirm the utilization status of the $90 million facility to assess actual leverage.
- Review the covenants associated with the Original Credit Facility to understand restrictions on the increased borrowing capacity.
- Check subsequent filings for any drawdowns on the additional $15 million capacity.