Ascend Learning frees up; Ocwen falls again; Advanced Computer, Alliant reveal talk

By Sara Rosenberg

New York, Jan. 14 – Ascend Learning tightened the original issue discount on its add-on first-lien term loan and then hit the secondary market on Wednesday, and Ocwen Financial Corp.’s term loan continued to retreat on mortgage license concerns.

In more happenings, Advanced Computer Software Group, Alliant Holdings and Insight Global (IG Investments Holdings LLC) disclosed talk with launch, and SIG Combibloc Group AG came out with timing and structure on its credit facility.

Ascend Learning changed the original issue discount on its $40 million add-on first-lien term loan (B2) due July 31, 2019 to 99 from 98½, according to a market source.

The add-on loan is priced at Libor plus 500 basis points with a 1% Libor floor, which matches existing first-lien term loan pricing.

With final terms in place, the add-on broke for trading on Wednesday and levels were seen at 99½ bid, par offered, a trader added.

Bank of America Merrill Lynch, GE Capital Markets and Barclays are leading the deal that will be used with cash on hand to fund the acquisition of a U.S.-based medical education management services provider.

Ocwen Financial’s term loan dropped to 92 bid, 93 offered from 93¼ bid, 94¼ offered as investors continued to react to news that California is looking to suspend the company’s mortgage license for a year, according to a trader. On Monday, the loan was quoted at 95¾ bid, 97¼ offered.

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