Knowledge Learning to launch $640 million credit facility

By Sara Rosenberg

New York, Dec. 3 - Knowledge Learning Corp. is scheduled to hold a bank meeting Tuesday to launch its proposed $640 million credit facility, according to a market source.

BNP Paribas is the lead bank on the deal.

The facility consists of a $540 million term loan B talked at Libor plus 300 basis points and a $100 million revolving credit facility, the source said.

Proceeds will be used to help fund the acquisition of KinderCare Learning Centers Inc. for $550.3 million in cash and the assumption of about $490 million of debt.

The transaction depends on the expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, the receipt of third-party consents and governmental approvals and other customary closing conditions.

Knowledge Learning is a San Rafael, Calif., provider of early childhood education programs and services. KinderCare is a Portland, Ore., provider of early childhood education and care to children between the ages of six weeks and 12 years.

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