Ellucian launches $998 million term loan B at Libor plus 300 bps

By Sara Rosenberg

New York, March 4 - Ellucian launched on its call on Tuesday a repricing of its $998 million term loan B due July 19, 2018 with talk of Libor plus 300 basis points with a 1% Libor floor and a par offer price, according to a market source.

The B loan has a step-down to Libor plus 275 bps at net total opco leverage of 5.35 times and 101 soft call protection for six months, the source said.

The repricing will take the term loan down from Libor plus 325 bps with a 1.25% Libor floor.

Commitments are due at noon ET on March 11, the source added.

Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are the lead banks on the deal.

Ellucian is a Fairfax, Va.-based provider of software and services to the education community.

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