Blackboard Inc. Announces Proposed Sale of $150 Million in Convertible Senior Notes Due 2027
June 13 2007 - 5:55PM
PR Newswire (US)
WASHINGTON, June 13 /PRNewswire-FirstCall/ -- Blackboard Inc.
(NASDAQ:BBBB) today announced that it plans to sell, subject to
market conditions and other factors, up to $150 million aggregate
principal amount of Convertible Senior Notes due 2027, pursuant to
an automatically effective registration statement filed with the
Securities and Exchange Commission today. In addition, the
underwriters are expected to be granted an option to purchase up to
an additional $15 million aggregate principal amount of Notes from
Blackboard solely to cover overallotments. Blackboard intends to
use approximately $19.4 million of the net proceeds to repay
amounts outstanding under its senior secured term loan facility.
Blackboard intends to use the remaining net proceeds for general
corporate purposes, which may include funding potential
acquisitions. The sole book-running manager of the offering is
Credit Suisse Securities (USA) LLC and Citi is serving as the sole
co-manager. A copy of the prospectus and prospectus supplement
meeting the requirements of Section 10 of the Securities Act of
1933 may be obtained from Credit Suisse by writing to it at Credit
Suisse Securities Prospectus Department, One Madison Avenue, Level
1B, New York, NY 10010. This communication does not constitute an
offer to sell or the solicitation of an offer to buy any securities
in any jurisdiction to any person to whom it is unlawful to make
such offer or solicitation in such jurisdiction. About Blackboard
Inc. Blackboard Inc. (NASDAQ:BBBB) is a leading provider of
enterprise learning software applications and related services.
Founded in 1997, Blackboard enables educational innovations
everywhere by connecting people and technology. Millions of people
use Blackboard everyday around the globe. Blackboard is
headquartered in Washington, D.C., with offices in North America,
Europe, Australia and Asia. Blackboard Educate. Innovate.
Everywhere.(TM) Safe Harbor Statement 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 Blackboard's
Form 10-Q filed on May 4, 2007 with the Securities and Exchange
Commission. In addition, the forward-looking statements included in
this press release represent Blackboard's views as of June 13,
2007. Blackboard anticipates that subsequent events and
developments will cause its views to change. However, while
Blackboard may elect to update these forward-looking statements at
some point in the future, it specifically disclaims any obligation
to do so. These forward-looking statements should not be relied
upon as representing Blackboard's views as of any date subsequent
to June 13, 2007. DATASOURCE: Blackboard Inc. CONTACT: Michael J.
Stanton, Vice President, Investor Relations and Global Treasury of
Blackboard Inc., +1-202-463-4860, ext. 2305 Web site:
http://www.blackboard.com/
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