St. George’s launches $672.8 million term loan at Libor plus 375 bps

By Sara Rosenberg

New York, Jan. 4 – St. George’s University held a lender call at 11 a.m. ET on Thursday to launch a $672.8 million term loan B due July 6, 2022 that is talked at Libor plus 375 basis points with a 1% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 5% per annum, the source said.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the lead banks on the deal.

Commitments are due at noon ET on Jan. 11, the source added.

Proceeds will be used to reprice an existing first-lien term loan down from Libor plus 425 bps with a 1% Libor floor.

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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