Anthology launches $1.3 billion term loan B at Libor plus 475-500 bps

By Sara Rosenberg

New York, Oct. 12 – Anthology launched on Tuesday its $1.3 billion seven-year term loan B (B2/B-/BB-) with price talk of Libor plus 475 basis points to 500 bps with a 0.5% Libor floor and an original issue discount of 99, according to a market source.

JPMorgan Chase Bank, UBS Investment Bank, Goldman Sachs Bank USA, Barclays and Macquarie Capital (USA) Inc. are the leads on the deal.

Commitments are due at 5 p.m. ET on Oct. 20.

Proceeds will be used to help fund the acquisition of Blackboard Inc.

The combined entity will be majority owned by Veritas Capital. Leeds Equity Partners will hold a minority stake in the company. Veritas and Leeds are currently the majority owners of Anthology. Providence Equity Partners LLC, Blackboard’s existing majority owner, will hold a minority stake in the combined company.

Closing is expected by the end of the year, subject to customary conditions and regulatory approvals.

Anthology is a Boca Raton, Fla.-based provider of higher education solutions that support the entire learner lifecycle. Blackboard is an EdTech software and solutions company.

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