Ascend Learning launches $405 million term loan at Libor plus 550 bps

By Sara Rosenberg

New York, Jan. 15 - Ascend Learning launched on Wednesday its $405 million 51/2-year term loan with price talk of Libor plus 550 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

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

The company's $445 million credit facility (B3) also provides for a $40 million five-year revolver.

Covenants include maximum total leverage and maximum capital expenditures requirements.

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

Proceeds will be used to refinance existing debt.

Commitments are due on Jan. 24.

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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