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Ellucian shops $420 million fungible incremental loan at SOFR plus 350 bps, OID 99.5-99.75
By Paul A. Harris
Portland, Ore., Feb. 20 – Ellucian began marketing a Sofia, LP $420.125 million fungible incremental first-lien term loan B due Oct. 7, 2027 (B2/B-) on Tuesday, according to a market source.
Talk is SOFR+CSA plus 350 basis points atop a 0.5% floor at 99.5 to 99.75.
The spread, maturity and floor are the same as the existing loan.
Commitments are due at 5 p.m. ET on Thursday.
BofA is the left bookrunner, with other syndicate names remaining to be announced.
The Reston, Va.-based provider of higher education software and services plans to use the proceeds to refinance existing first-lien term loan debt.
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