Diligent plans $290 million credit facility for buyout by Insight

By Sara Rosenberg

New York, Feb. 17 – Diligent Corp. has received a commitment for a $290 million senior secured credit facility to help fund its acquisition by Insight Venture Partners, according to an 8-K filed with the Securities and Exchange Commission late Tuesday.

Golub Capital Markets LLC is the lead on the debt.

The facility consists of a $10 million revolver and a $280 million term loan.

Under the agreement, Diligent stockholders will receive $4.90 in cash per share, which values the company at about $624 million, including cash.

Other funds for the transaction will come from $325 million in equity.

Closing is expected in the second quarter, subject to stockholder approval, regulatory approvals and other customary conditions. There is no financing condition.

Diligent is a New York-based provider of secure online collaboration and document sharing solutions for boards and senior executives.

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