INSTRUCTURE HOLDINGS, INC.: M&A transaction — Instructure closes acquisition of Parchment for ~$686M; adds 13K credential-management customers

INSTRUCTURE HOLDINGS, INC.

Acquisition of PCS Holdings (Parchment) closed Feb 1, 2024; total consideration approx. $686M net of debt/expenses.
Financed with $685M in incremental term loans under amended credit agreement dated Feb 1, 2024.
Parchment serves over 13,000 customers and has exchanged more than 165 million credentials.
CEO Steve Daly says deal creates a lifelong digital passport for learners, expands non-traditional learning support.

item 1.01 item 2.01 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

INSTRUCTURE HOLDINGS, INC. incurred term loan of $685,000,000 with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders named therein.

Instrument: term loan
Principal: $685,000,000
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and the lenders named therein
Event: incurrence

Exact text from the filing

the lenders named in the Second Amendment agreed, severally and not jointly, to extend additional 2023 Incremental Term Loans (as defined in the Credit Agreement) (the “2023 Incremental Term Loans”) to the Company under the Credit Agreement in an aggregate principal amount equal to $685,000,000.

View on SEC.gov

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

INSTRUCTURE HOLDINGS, INC. completed an acquisition involving PCS Holdings, LLC for approximately $686 million, net of repaid indebtedness and transaction expenses (closed 2024-02-01).

Action: acquisition
Counterparty: PCS Holdings, LLC
Consideration: approximately $686 million, net of repaid indebtedness and transaction expenses
Closing: 2024-02-01

Exact text from the filing

Term Loans (as defined in the Credit Agreement) (the “2023 Incremental Term Loans”) to the Company under the Credit Agreement in an aggregate principal amount equal to $685,000,000. The Company used the proceeds of the 2023 Incremental Term Loans, borrowed under the Credit Agreement, to finance (i) the cash consideration for the acquisition of PCS Holdings,

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

INSTRUCTURE HOLDINGS, INC. amended Second Amendment to the Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders named therein valued at $685,000,000 (effective 2024-02-01).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and the lenders named therein
Value: $685,000,000
Effective: 2024-02-01

Exact text from the filing

On February 1, 2024, Instructure Holdings, Inc. (the “Company”) entered into the Second Amendment to the Credit Agreement (the “Second Amendment”), which amends that certain Credit Agreement, dated as of October 29, 2021 (as amended by that certain First Amendment to Credit Agreement, dated as of June 7, 2023, and as further amended, restated, amended and restated, supplemented or otherwise modified, the “Credit Agreement”), by and among the Company and certain of its subsidiaries, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders named therein.

View on SEC.gov

299 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001193125-24-021865

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.