Carbonite to repay revolver debt via proceeds from common stock sale

By Sarah Lizee

Olympia, Wash., July 16 – Carbonite, Inc. plans to repay outstanding amounts under its existing $130 million revolving credit facility using proceeds from an offering of 4 million shares of its common stock, according to a press release.

In addition, 520,156 shares beneficially owned by co-founder and director David Friend are being offered by a selling stockholder.

Proceeds from the offering will also be used for general corporate purposes, including potential acquisitions.

Carbonite is a Boston-based provider of cloud and hybrid data protection solutions for small and midsized businesses.

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