Ellie Mae to launch $1.04 billion first-lien facilities Tuesday

By Sara Rosenberg

New York, March 15 – Ellie Mae Inc. is set to hold a bank meeting at 10 a.m. ET on Tuesday to launch $1.04 billion of first-lien credit facilities, according to a market source.

Jefferies LLC, Macquarie Capital (USA) Inc. and Nomura are the lead arrangers on the deal.

The first-lien facilities consist of a $75 million revolver and a $965 million seven-year first-lien term loan, the source said.

Included in the first-lien term loan is 101 soft call protection for six months.

The company is also getting a $385 million privately placed eight-year second-lien term loan.

Proceeds will be used to help fund the buyout of the company by Thoma Bravo LLC for $99.00 in cash per share. The total equity value of the transaction is about $3.7 billion.

Closing is expected in the second or third quarter, subject to approval by Ellie Mae stockholders and regulatory authorities, and customary conditions. The transaction is not subject to financing.

Ellie Mae is a Pleasanton, Calif.-based cloud-based platform provider for the mortgage finance industry.

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