Datatel plans to launch $305 million credit facility on Nov. 19

By Sara Rosenberg

New York, Nov. 10 - Datatel Inc. is scheduled to hold a bank meeting on Nov. 19 to launch its proposed $305 million credit facility, according to a market source.

Credit Suisse is the lead bank on the deal.

The facility consists of a $40 million five-year revolver talked at Libor plus 450 basis points, a $165 million six-year first-lien term loan talked at Libor plus 450 bps and a $100 million seven-year second-lien term loan talked at Libor plus 900 bps, the source said.

All tranches have a 2% Libor floor.

The first-lien term loan is being offered at an original issue discount of 98 and the second-lien term loan is being offered at an original issue discount of 97, the source added.

Proceeds will be used to help fund the buyout of the company by Hellman & Friedman LLC, co-investor JMI Equity and Datatel management from Thoma Bravo and its co-investors Trident Capital, HarbourVest Partners and JP Morgan Asset Management.

Datatel is a Fairfax, Va.-based provider of higher education software, services and insight.

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