Trimble raises $1 billion in debt on heels of acquisition plan

Trimble Inc.
TRMB,
+0.16%
said Friday it raised $1 billion in debt with Bank of America Corp.
BAC,
-0.06%
as it prepares to acquire a logistics software company. The Colorado-based positions technology company said it entered into a term loan credit agreement for a $1 billion unsecured delayed draw term loan facility. The $1 billion is comprised of a $500 million, three-year tranche and a $500 million five-year tranche. Trimble on Dec. 12 agreed to acquire Germany-based Transporeon, a cloud-based transportation management software platform, for EUR1.88 billion ($2 billion), from seller Hg Capital LLP. Shares of Trimble are down 42% in 2022, compared to a 33% drop by the Nasdaq
COMP,
-0.11%.