| Issuer: | Blackboard Inc.
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| Size/Structure: | $1.23 billion senior secured credit facility, comprised of a $100 million five-year revolver (B1/B+); a $780 million seven-year first-lien term loan (B1/B+) at Libor plus 600 bps, 1.5% Libor floor, OID 92, soft call 102, 101; and a $350 million eight-year second-lien term loan (Caa1/CCC+).
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| Lead banks: | Bank of America Merrill Lynch, Deutsche Bank and Morgan Stanley
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| Proceeds: | Buyout by Providence Equity Partners
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| • Notable because it re-established the power of the buyside and knocked OIDs out to wider levels that stuck for the rest of the year
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| KINETIC CONCEPTS INC.
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| Issuer: | Kinetic Concepts Inc.
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| Size/Structure: | About $2.5 billion senior secured credit facility (Ba2/BB-), comprised of a $1.63 billion 61/2-year term B at Libor plus 575 bps, 1.25% Libor floor, OID 961/2, non-callable for one year, 101 soft call; a €250 million 61/2-year term B at Euribor plus 575 bps, 1.25% Libor floor, OID 951/2, non-callable for one year, 101 soft call; a $325 million five-year term C at Libor plus 525 bps, 1.25% Libor floor, OID 97, 101 soft call; and a $200 million five-year revolver
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| Lead banks: | Bank of America Merrill Lynch, Morgan Stanley, Credit Suisse and RBC
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| Proceeds: | Buyout by Apax Partners, Canada Pension Plan Investment Board and the Public Sector Pension Investment Board
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| • Notable because it illustrated appetite depth for levered LBO credits
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| REYNOLDS AND REYNOLDS CO.
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| Issuer: | Reynolds and Reynolds Co.
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| Size/Structure: | Roughly $1.55 billion credit facility (Ba2/BB+), comprised of a $600 million term A at Libor plus 250 bps; an $875 million seven-year term B at Libor plus 275 bps, 1% Libor floor, OID 991/2, 101 soft call; and a €50 million term C
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| Lead banks: | Deutsche Bank
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| Proceeds: | Refinance existing debt
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| • Notable because it was a successful, large-scale, refinancing
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| WARNER CHILCOTT PLC
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| Issuer: | Warner Chilcott plc
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| Size/Structure: | $3.25 billion credit facility (Ba3/BBB-), comprised of a $250 million five-year revolver at Libor plus 300 bps; a $1.25 billion five-year term A at Libor plus 300 bps, 0.75% Libor floor; and a $1.75 billion seven-year term B at Libor plus 325 bps, 1% Libor floor, par, 101 soft call
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| Lead banks: | JPMorgan, Bank of America Merrill Lynch, Goldman Sachs and Morgan Stanley
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| Proceeds: | Refinance existing bank debt
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| • Notable because it was a very large deal that was executed well
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| ALERE INC.
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| Issuer: | Alere Inc.
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| Size/Structure: | $2.1 billion senior secured credit facility (Ba2/BB-), comprised of a $250 million revolver at Libor plus 275 bps; a $625 million term A at Libor plus 275 bps; a $300 million delayed-draw term A at Libor plus 275 bps; and a $925 million term B at Libor plus 350 bps, 1% Libor floor, OID 99½
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| Lead banks: | Jefferies, GE Capital, Credit Suisse and Goldman Sachs
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| Proceeds: | Refinance existing debt, to fund the buyback of common stock and to add cash to the balance sheet
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| • Notable because it was a large deal that underwent a number of changes but ended up well received and priced favorably. Company then returned later in the year with a $250 million incremental term B-1 at Libor plus 350 bps, 1% Libor floor and OID of 97½ that was used to repay revolver debt and put cash on the balance sheet
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