St. George's University prices $250 million Libor plus 700 bps term loan at 98

By Paul A Harris

Portland, Ore., Dec. 14 - St. George's University priced a $250 million Libor plus 700 basis points five-year first-lien term loan at 98, a market source said on Friday.

The Libor spread came at the wide end of the 650 bps to 700 bps spread talk.

The price came on top of price talk.

The loan has a 1.5% Libor floor 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 was 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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