Sophia L.P.'s Proposed $325 Million Non-Fungible Senior Secured First-Lien Term Loan Due 2027 Rated 'B-' (Recovery: '3') - S&P Global Ratings’ Credit Research

Sophia L.P.'s Proposed $325 Million Non-Fungible Senior Secured First-Lien Term Loan Due 2027 Rated 'B-' (Recovery: '3')

Sophia L.P.'s Proposed $325 Million Non-Fungible Senior Secured First-Lien Term Loan Due 2027 Rated 'B-' (Recovery: '3') - S&P Global Ratings’ Credit Research
Sophia L.P.'s Proposed $325 Million Non-Fungible Senior Secured First-Lien Term Loan Due 2027 Rated 'B-' (Recovery: '3')
Published Mar 07, 2022
4 pages (1677 words) — Published Mar 07, 2022
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Abstract:

SAN FRANCISCO (S&P Global Ratings) March 7, 2022--S&P Global Ratings today assigned its 'B-' issue-level rating and '3' recovery rating to Reston, Va.-based Sophia L.P.'s (doing business as Ellucian) proposed $325 million non-fungible senior secured first-lien term loan due 2027. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. The company's existing $540 million senior secured second-lien term loan due 2028 is privately placed and not rated. At the same time, we lowered our issue-level rating on Ellucian's existing senior secured first-lien debt to 'B-' from 'B' and revised our recovery rating to '3' from '2'. Our 'B-' issuer credit rating and stable outlook on the company are unchanged.

  
Brief Excerpt:

...March 7, 2022 SAN FRANCISCO (S&P Global Ratings) March 7, 2022--S&P Global Ratings today assigned its 'B-' issue-level rating and '3' recovery rating to Reston, Va.-based Sophia L.P.'s (doing business as Ellucian) proposed $325 million non-fungible senior secured first-lien term loan due 2027. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. The company's existing $540 million senior secured second-lien term loan due 2028 is privately placed and not rated. At the same time, we lowered our issue-level rating on Ellucian's existing senior secured first-lien debt to 'B-' from 'B' and revised our recovery rating to '3' from '2'. Our 'B-' issuer credit rating and stable outlook on the company are unchanged. Ellucian intends to use the proceeds from the incremental debt to fund its $450 million purchase of CampusLogic, which offers products to simplify the financial aid application process and provide more transparency...

  
Report Type:

Ratings Action

Issuer
Ellucian Holdings Inc
Sector
Global Issuers
Country
United States
Region
United States
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Sophia L.P.'s Proposed $325 Million Non-Fungible Senior Secured First-Lien Term Loan Due 2027 Rated 'B-' (Recovery: '3')" Mar 07, 2022. Alacra Store. May 14, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Sophia-L-P-s-Proposed-325-Million-Non-Fungible-Senior-Secured-First-Lien-Term-Loan-Due-2027-Rated-B-Recovery-3-2805250>
  
APA:
S&P Global Ratings’ Credit Research. (). Sophia L.P.'s Proposed $325 Million Non-Fungible Senior Secured First-Lien Term Loan Due 2027 Rated 'B-' (Recovery: '3') Mar 07, 2022. New York, NY: Alacra Store. Retrieved May 14, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Sophia-L-P-s-Proposed-325-Million-Non-Fungible-Senior-Secured-First-Lien-Term-Loan-Due-2027-Rated-B-Recovery-3-2805250>
  
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