Liaison finalizes $225 million term loan at Libor plus 450 bps

By Sara Rosenberg

New York, Dec. 13 – Liaison (LI Group Holdings Inc.) firmed pricing on its $225 million seven-year covenant-lite first-lien term loan at Libor plus 450 basis points, the low end of the Libor plus 450 bps to 475 bps talk, according to a market source.

Also, the original issue discount on the term loan was tightened to 99.75 from 99.5, the source said.

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

The company’s $240 million of credit facilities (B2/B) also include a $15 million revolver.

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

Recommitments were scheduled to be due at noon ET on Friday, the source added.

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

Liaison is an admission management software provider for higher education.

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