Bulletin: Ellucian Holdings Inc.'s Updated Refinancing Plans Remain Leverage Neutral, Ratings Unchanged

NEW YORK (S&P Global Ratings) Feb. 23, 2024--S&P Global Ratings today said that its ratings and outlook on Ellucian Holdings Inc. (B-/Stable/--) are unchanged following the company's updated amendment to its existing credit agreement. Given strong investor demand, Ellucian will now issue $520 million of incremental first-lien debt (previously $420 million). Therefore, the company will have approximately $2.07 billion of first-lien debt (previously $1.97 billion) and $340 million of second-lien debt (previously $440 million) outstanding on its balance sheet following the transaction. The updated amendment will also extend the maturities of Ellucian's first-lien term loan commitments and revolving credit facility to 2029. The company has not proposed any other changes. Despite these revisions, we continue to view the transaction as

...February 23, 2024 NEW YORK (S&P Global Ratings) Feb. 23, 2024--S&P Global Ratings today said that its ratings and outlook on Ellucian Holdings Inc. (B-/Stable/--) are unchanged following the company's updated amendment to its existing credit agreement. Given strong investor demand, Ellucian will now issue $520 million of incremental first-lien debt (previously $420 million). Therefore, the company will have approximately $2.07 billion of first-lien debt (previously $1.97 billion) and $340 million of second-lien debt (previously $440 million) outstanding on its balance sheet following the transaction. The updated amendment will also extend the maturities of Ellucian's first-lien term loan commitments and revolving credit facility to 2029. The company has not proposed any other changes. Despite these revisions, we continue to view the transaction as leverage neutral....

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