Ellucian shops $420 million fungible incremental loan at SOFR plus 350 bps, OID 99.5-99.75

By Paul A. Harris

Portland, Ore., Feb. 20 – Ellucian began marketing a Sofia, LP $420.125 million fungible incremental first-lien term loan B due Oct. 7, 2027 (B2/B-) on Tuesday, according to a market source.

Talk is SOFR+CSA plus 350 basis points atop a 0.5% floor at 99.5 to 99.75.

The spread, maturity and floor are the same as the existing loan.

Commitments are due at 5 p.m. ET on Thursday.

BofA is the left bookrunner, with other syndicate names remaining to be announced.

The Reston, Va.-based provider of higher education software and services plans to use the proceeds to refinance existing first-lien term loan debt.

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