Ellucian launches $1.04 billion term loan at Libor plus 325 bps

By Sara Rosenberg

New York, Jan. 29 - Ellucian launched with its call on Tuesday a $1,042,000,000 term loan that is talked at Libor plus 325 basis points with a 1.25% Libor floor and a par offer price, according to a market source.

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

Commitments are due at noon ET on Monday.

Proceeds will be used to refinance the company's existing term loan that was done in 2011 at pricing of Libor plus 500 basis points with a 1.25% Libor floor.

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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