WASHINGTON, April 6, 2011 /PRNewswire/ -- Blackboard Inc.
(NASDAQ: BBBB) announced today it has it has signed an amendment to
its credit facility to allow for borrowings of up to $225 million. Proceeds from the expanded facility
will be used for general corporate purposes which may include share
purchases, repayment of other debt and acquisitions.
"The expansion of our credit facility to $225 million allows Blackboard to maintain
maximum financial flexibility as it relates to our capital
structure," said John Kinzer,
Blackboard's chief financial officer. "The increased borrowing
capacity will fund the repayment of debt, share repurchases and our
working capital growth needs."
JPMorgan Securities Inc. acted as the Sole Bookrunner and Sole
Lead Arranger of the oversubscribed financing. JPMorgan Chase Bank,
N.A. is acting as Administrative Agent and PNC Bank, N.A. and Wells
Fargo Bank, N.A. acted as Co-Documentation Agents for the bank
syndication that includes: Bank of America, N.A., Silicon Valley
Bank and SunTrust Bank as lenders.
About Blackboard Inc.
Blackboard Inc. (NASDAQ: BBBB) is a global leader in enterprise
technology and innovative solutions that improve the experience of
millions of students and learners around the world every day.
Blackboard's solutions allow thousands of higher education, K-12,
professional, corporate, and government organizations to extend
teaching and learning online, facilitate campus commerce and
security, and communicate more effectively with their communities.
Founded in 1997, Blackboard is headquartered in Washington, D.C., with offices in North America, Europe, Asia
and Australia.
Any statements in this press release about future
expectations, plans and prospects for Blackboard and other
statements containing the words "believes," "anticipates," "plans,"
"expects," "will," and similar expressions, constitute
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially from those indicated by such forward-looking statements
as a result of various important factors, including the factors
discussed in the "Risk Factors" section of our Form 10-K filed
on February 18, 2011 with the SEC. In
addition, the forward-looking statements included in this press
release represent the Company's views as of April 6, 2011. The Company anticipates that
subsequent events and developments will cause the Company's views
to change. However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing the Company's views as of any date subsequent to
April 6, 2011.
SOURCE Blackboard Inc.