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Blackboard ups add-on term B-2 to $375 million, offered at 991/2-par
By Sara Rosenberg
New York, Jan. 28 - Blackboard Inc. increased the size of its add-on term loan B-2 to $375 million from $150 million and is now talking the offer price at 99½ to par, instead of just at 991/2, according to a market source.
Pricing on the loan is Libor plus 475 basis points with a 1.5% Libor floor, in line with existing term B-2 pricing.
Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.
Proceeds will be used to refinance existing debt.
Blackboard is a Washington, D.C.-based provider of enterprise software applications and related services to the education industry.
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