St. George's $250 million term loan fills out at Libor plus 700 bps

By Sara Rosenberg

New York, Dec. 13 - St. George's University's $250 million first-lien term loan is oversubscribed at Libor plus 700 basis points, the wide end of the Libor plus 650 bps to 700 bps talk, according to a market source.

The loan has a 1.5% Libor floor, an original issue discount of 98 and 101 soft call protection for one year.

Amortization is 10% per annum, and covenants include maximum leverage and minimum interest coverage ratios.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds will be used to fund a return of capital to the founders and for general corporate purposes.

St. George's is a Grenada, West Indies-based for-profit medical, veterinary and arts and sciences school.

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