Digi International to launch $350M term loan for acquisition with Nov. 17 call

Sole lead arranger BMO Capital Markets will host a lender call at 11 a.m. ET on Nov. 17 to launch the $350 million term loan B for Digi International Inc., according to sources.

Proceeds from the seven-year covenant-lite term loan will be used to finance the company's acquisition of Ventus Holdings, to repay existing debt, and to pay related fees and expenses.

Nasdaq-listed Digi announced Nov. 2 that it acquired Connecticut-based Ventus for $347.4 million in cash, representing more than 8x annualized recurring revenue, according to the company.

Digi International is a global provider of internet of things connectivity products, services and solutions.