Accounts have received allocations of Ellucian Co. LP's $1.6 billion covenant-lite first-lien term loan due 2027 that priced tight to talk at L+375, with a 0.75% Libor floor and an original issue discount of 99.25 via a BofA Securities-led arranger group, according to sources. The loan broke for trading at 99.375/99.875, and is now indicated in a 99.25/99.5 context. Proceeds from the term loan B, along with a privately placed $540 million second-lien term loan due 2028 and cash on hand, will be used to fund a $298 million shareholder dividend and refinance $1.852 billion of outstanding debt, according to S&P Global Ratings. Financing also includes a $150 million revolver due 2025. Ellucian provides administrative software products and services to higher-education institutions, serving more than 2,700 customers in over 50 countries. TPG Capital and Leonard Green & Partners are the sponsors. Terms: