Ellucian readies launch of $1.61 billion credit facility for Thursday

By Sara Rosenberg

New York, Sept. 9 – Ellucian is scheduled to hold a bank meeting at 10 a.m. ET on Thursday to launch a $1.61 billion credit facility, according to a market source.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC, Barclays, Jefferies Finance LLC, BMO Capital Markets Corp. and Deutsche Bank Securities Inc. are the leads on the deal.

The facility consists of a $150 million five-year revolver and a $1.46 billion seven-year covenant-light term loan B, the source said.

Proceeds will be used to help fund the buyout of the company by TPG Capital and Leonard Green Partners from Hellman & Friedman and JMI Equity.

Other funds for the transaction are expected to come from a $590 million bond offering.

Closing is expected before year-end, subject to customary conditions, including receipt of regulatory approvals.

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

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