Learning Care firms $320 million term loan at Libor plus 450 bps

By Sara Rosenberg

New York, May 2 - Learning Care Group set pricing on its $320 million covenant-light term loan at Libor plus 450 basis points, the high end of the Libor plus 425 bps to 450 bps talk, according to a market source.

Additionally, the 101 soft call protection on the term loan was pushed out to one year from six months, the source said.

The term loan still has a 1% Libor floor and an original issue discount of 99.

The company's $370 million credit facility (B2/B) also includes a $50 million revolver.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC and BMO Capital Markets are the leads on the deal.

Proceeds will be used to help fund the buyout of the company by American Securities from Morgan Stanley Global Private Equity.

Other funds for the transaction will come from equity.

Learning Care Group is a Novi, Mich.-based provider of early education and childcare services.

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