Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Ascend Learning > News item |
Ascend Learning increases term loan amount to $408 million
By Sara Rosenberg
New York, Jan. 27 - Ascend Learning raised its 51/2-year term loan to $408 million from $405 million, according to a market source.
Pricing on the term loan is still Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 991/2, and there is still 101 soft call protection for one year.
Earlier in syndication, pricing on the term loan was trimmed from Libor plus 550 bps and the discount was revised from 99.
The company's now $448 million credit facility (B3/B), up from $445 million, 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.
Burlington, Mass., and Leawood, Kan.-based Ascend Learning is a provider of technology-based learning services focused on student training and testing results in health care and other vocational fields.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.