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St. George’s flexes $250 million term loan to Libor plus 475 bps
By Sara Rosenberg
New York, Aug. 4 – St. George’s University reduced pricing on its $250 million seven-year covenant-light term loan to Libor plus 475 basis points from Libor plus 500 bps, according to a market source.
In addition, the original issue discount on the term loan was changed to 99˝ from 99, the source said.
The term loan still has a 1% Libor floor and 101 soft call protection for one year.
The company’s $275 million credit facility also includes a $25 million revolver.
Recommitments were due at 5 p.m. ET on Monday, the source added.
Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and Deutsche Bank Securities Inc. are the lead banks on the deal.
Proceeds will be used for a recapitalization in connection with an equity investment.
St. George’s is a Grenada, West Indies-based for-profit medical, veterinary and arts and sciences school.
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