Blackboard launches $60 million add-on term at Libor plus 600 bps

By Sara Rosenberg

New York, April 10 - Blackboard Inc. launched a $60 million add-on covenant-light term loan on Tuesday with price talk of Libor plus 600 basis points with a 1.5% Libor floor and an original issue discount of 97, according to a market source.

The coupon and floor match existing term loan pricing.

Bank of America Merrill Lynch is the lead bank on the deal.

Proceeds will be used for acquisition funding.

Commitments are due on April 17, the source said.

Blackboard is a Washington, D.C.-based provider of enterprise software applications and related services to the education industry.

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