Ellucian incremental term loan frees to trade; Forefront Dermatology price talk emerges

By Sara Rosenberg

New York, March 10 – Ellucian finalized the spread on its incremental first-lien term loan at the high end of guidance and then the debt made its way into the secondary market on Thursday.

The company set pricing on its non-fungible $325 million senior secured incremental first-lien term loan due October 2027 (B-) at SOFR plus 425 basis points, the high end of the SOFR plus 400 bps to 425 bps talk, according to a market source.

As before, the term loan has a 0.5% floor, an original issue discount of 99, 101 soft call protection for six months and no CSA.

Also, Forefront Dermatology (Dermatology Intermediate Holdings III Inc.) announced price talk on its loan transaction with launch, and Smyrna Ready Mix Concrete LLC joined the near-term primary calendar.

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