Astra lifts spread on $325 million term loan to Libor plus 550 bps

By Sara Rosenberg

New York, Feb. 24 – Astra increased pricing on its $325 million seven-year first-lien term loan (B2/B-/BB-) to Libor plus 550 basis points from Libor plus 500 bps, according to a market source.

Also, the Libor floor on the first-lien term loan was changed to 1% from 0% and the original issue discount was revised to 98.5 from 99, the source said.

The first-lien term loan still has 101 soft call protection for six months.

The company’s $475 million of credit facilities also include a $40 million revolver (B2/B-/BB-) and an already placed $110 million second-lien term loan (Caa2/CCC/CCC+).

UBS, Deutsche Bank Securities Inc. and Barclays are the lead banks on the deal.

Allocations are expected on Wednesday, the source added.

Proceeds will be used to help fund the acquisition of Campus Management Acquisition Corp. and Edcentric Holdings LLC by Veritas Capital from Leeds Equity Partners LLC.

Leeds Equity will continue as an investor in the combined entity (Astra) in partnership with Veritas.

Closing is expected in the first quarter.

Campus Management is a provider of cloud-based student information systems, customer relationship management and enterprise resource planning solutions. Edcentric is a SaaS platform providing data-driven solutions around student and alumni engagement, retention and compliance to help higher education institutions make strategic decisions.

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