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Liaison tightens $300 million term loan discount to 99.75
By Sara Rosenberg
New York, March 4 – Liaison (LI Group Holdings Inc.) revised the original issue discount on its $300 million seven-year covenant-lite first-lien term loan (B2/B) to 99.75 from 99.5, according to a market source.
Pricing on the term loan remained at Libor plus 375 basis points, but a 25 bps step-down was added at 0.5x inside closing gross leverage, the source said.
The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.
Credit Suisse Securities (USA) LLC and UBS Investment Bank are the lead arrangers on the deal.
Recommitments were scheduled to be due at 10:30 a.m. ET on Thursday, the source added.
Proceeds will be used to refinance an existing term loan and for general corporate purposes.
Liaison is an admission management software provider for higher education.
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