Ascend Learning to launch $445 million credit facility on Wednesday

By Sara Rosenberg

New York, Jan. 13 - Ascend Learning is set to hold a bank meeting on Wednesday to launch a $445 million credit facility, according to a market source.

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

The facility consists of a $40 million five-year revolver and a $405 million 51/2-year term loan, the source said.

Covenants include maximum total leverage and maximum capital expenditures requirements.

Proceeds will be used to refinance existing debt.

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

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