Ascend Learning reveals price talk on $400 million credit facility

By Sara Rosenberg

New York, Nov. 8 - Ascend Learning came out with price talk on its proposed $400 million first- and second-lien credit facility as the deal was launched to lenders on Monday, according to a market source.

The $260 million first-lien term loan B is being talked at Libor plus 475 basis points with a 1.5% Libor floor and an original issue discount of 981/2, the source said.

And, the $100 million second-lien term loan is being talked at Libor plus 850 bps to 900 bps with a 1.5% Libor floor and an original issue discount of 98, the source continued.

Call protection on the second-lien term loan is 103 in year one, 102 in year two and 101 in year three.

The facility also includes a $40 million revolver.

Bank of America, GE Capital and Barclays are the lead banks on the deal.

Proceeds will be used to refinance existing debt and replace some equity with debt.

Ascend Learning is a Stilwell, Kan.-based provider of technology-based learning services focused on student training and testing results in health care and other vocational fields.

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