Astra launches $325 million first-lien loan at Libor plus 500 bps

By Sara Rosenberg

New York, Feb. 10 – Astra launched on Monday its $325 million seven-year first-lien term loan (B2/B-) with price talk of Libor plus 500 basis points with a 0% Libor floor and an original issue discount of 99, according to a market source.

The first-lien term loan has 101 soft call protection for six months, the source said.

Commitments are due on Feb. 24.

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

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

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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