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Ascend Learning increases spread on first- and second-lien term loans
By Sara Rosenberg
New York, Nov. 29 - Ascend Learning raised pricing on its $250 million first-lien term loan B (B1/B) to Libor plus 550 basis points from Libor plus 475 bps and on its $75 million second-lien term loan (Caa1/CCC+) to Libor plus 1,000 bps from Libor plus 850 bps to 900 bps, according to a market source.
In addition, the original issue discount on the first-lien term loan B widened to 98 from 98½ and the discount on the second-lien loan widened to 97 from 98, the source said.
As before, both tranches include a 1.5% Libor floor.
The company's $365 million credit facility also provides for a $40 million revolver (B1/B).
Bank of America, GE Capital and Barclays are the lead banks on the deal.
Proceeds will be used to refinance existing debt and to 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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