Skillsoft to pay down some term B debt with SumTotal sale proceeds

By Sara Rosenberg

New York, June 13 – Skillsoft Corp. plans to repay a portion of its senior secured term loan B using some of the proceeds from the sale of SumTotal to Cornerstone OnDemand Inc. for about $200 million, according to a news release.

The company’s pro forma fiscal year 2022 net leverage is expected to be around 3.7x.

Closing on the sale is targeted for the second half of this year, subject to regulatory approvals and other customary conditions.

Skillsoft is a Dublin-based provider of cloud-based learning services.

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