Ellucian launches $1.59 billion term loan at Libor plus 350 bps

By Sara Rosenberg

New York, Oct. 18 – Ellucian was scheduled to hold a lender call at 2:30 p.m. ET on Monday to launch a $1.588 billion first-lien term loan that is talked at Libor plus 350 basis points with a step-down to Libor plus 325 bps at 4.5x net first-lien leverage, a 0.5% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

BofA Securities Inc. is the left lead on the deal.

Commitments are due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to reprice an existing term loan down from Libor plus 375 bps with a 0.75% Libor floor.

Ellucian is a Reston, Va.-based provider of higher education software and services.

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