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St. George’s tightens price on $125 million add-on term loan to par
By Sara Rosenberg
New York, Feb. 14 – St. George’s University revised the issue price on its fungible $125 million add-on first-lien term loan due July 6, 2022 to par from 99.75, according to a market source.
As before, pricing on the add-on loan is Libor plus 525 basis points with a 1% Libor floor, and the debt has amortization of 5% per annum.
The term loan has 101 soft call protection until June, like the existing first-lien term loan.
Goldman Sachs Bank USA is the lead bank on the deal.
Proceeds will be used to fund a dividend and for general corporate purposes.
St. George’s is a Grenada, West Indies-based educational institution providing students with medical degrees as well as veterinary and liberal arts graduate and undergraduate degrees.
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