Ascend Learning launches $330 million term loan at Libor plus 450 bps

By Sara Rosenberg

New York, May 8 - Ascend Learning launched a $330 million term loan on Tuesday with price talk of Libor plus 450 basis points with a 1.25% Libor floor and an original issue discount of 991/2, according to a market source.

The loan has 101 soft call protection for one year, the source said.

Commitments are due on May 15.

Bank of America Merrill Lynch and GE Capital Markets are the lead banks on the deal.

Proceeds will be used to refinance existing first-lien debt that is priced at Libor plus 550 bps with a 1.5% Libor floor.

Closing on the new loan is targeted for May 17, the source added.

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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