Ellie Mae tightens OID on $965 million first-lien term loan to 99.5

By Sara Rosenberg

New York, April 3 – Ellie Mae Inc. changed the original issue discount on its $965 million seven-year first-lien term loan (B2/B/BB) to 99.5 from 99, according to a market source.

Pricing on the first-lien term loan is still Libor plus 400 basis points with a leveraged based step-down and a 0% Libor floor.

The first-lien term loan has 101 soft call protection for six months.

The company’s $1,425,000,000 of credit facilities also include a $75 million revolver (B2/B/BB) and a $385 million privately placed eight-year second-lien term loan.

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

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.

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

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