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S&P assigns Sophia loan B-
S&P said it assigned B-issue-level and 3 recovery ratings to Sophia LP's (Ellucian) planned $325 million non-fungible senior secured first-lien term loan due 2027. The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in default.
Concurrently, the agency lowered Ellucian's senior secured first-lien debt to B- from B and revised the recovery rating to 3 from 2. The company's $540 million senior secured second-lien term loan due 2028 is privately placed and not rated.
“Our B- issuer credit rating and stable outlook on the company are unchanged,” the agency said in a press release.
Ellucian intends to use the proceeds to fund its $450 million purchase CampusLogic.
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