Education Advisory to launch $610 million of loans on Thursday

By Sara Rosenberg

New York, Sept. 6 – Education Advisory Board is set to hold a bank meeting at 2:30 p.m. ET on Thursday to launch its $610 million of first-lien credit facilities, according to a market source.

Macquarie Capital (USA) Inc. and Antares Capital are the leads on the deal.

The first-lien debt consists of a $70 million five-year revolver and a $540 million seven-year covenant-light first-lien term loan.

The company is also getting a $260 million eight-year second-lien term loan that has been privately placed.

Proceeds will be used to help fund the buyout of the company by Vista Equity Partners from the Advisory Board Co. for $1.55 billion, subject to customary adjustments.

Closing is expected by the end of 2017 or in early 2018, subject to the satisfaction or waiver of certain closing conditions, including U.S. antitrust clearance.

Education Advisory Board is a best practices firm that uses a combination of research, technology and services to improve the performance of educational institutions.

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