Liaison shops $225 million term loan at Libor plus 450-475 bps

By Sara Rosenberg

New York, Dec. 9 – Liaison (LI Group Holdings Inc.) is talking its $225 million seven-year covenant-lite first-lien term loan at Libor plus 450 basis points to 475 bps with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum.

The company’s $240 million of credit facilities (B2/B) also include a $15 million revolver.

A bank meeting for the transaction took place on Dec. 3 but price talk was unavailable until now because the company was waiting on ratings.

Credit Suisse Securities (USA) LLC and UBS Investment Bank are the lead arrangers on the deal.

Commitments are due at 5 p.m. ET on Dec. 16.

Proceeds will be used to help fund the buyout of the company by Meritage Group.

Liaison is an admission management software provider for higher education.

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