Liaison readies launch of $240 million credit facilities for Tuesday

By Sara Rosenberg

New York, Dec. 2 – Liaison (LI Group Holdings Inc.) is scheduled to hold a bank meeting at 10:30 a.m. ET in New York on Tuesday to launch $240 million of credit facilities, according to a market source.

Credit Suisse Securities (USA) LLC and UBS Investment Bank are the lead arrangers on the deal.

The facilities consist of a $15 million revolver and a $225 million seven-year covenant-lite first-lien term loan, the source said.

The term loan is talked with a 1% Libor floor, 101 soft call protection for six months and amortization of 1% per annum.

Proceeds will be used to help fund the buyout of the company by Meritage Group.

Commitments are due at 5 p.m. ET on Dec. 16, the source added.

Liaison is an admission management software provider for higher education.

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