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Ascend Learning ups spread on second-lien loan to Libor plus 850 bps
By Sara Rosenberg
New York, May 27 - Ascend Learning lifted pricing on its $125 million second-lien term loan (Caa2/CCC+) to Libor plus 850 basis points from talk in the Libor plus 775 bps area, according to a market source.
Also, the call protection on the loan was changed to 103 in year one, 102 in year two and 101 in year three from 102 in year one and 101 in year two, the source said.
The term loan still has a 1% Libor floor and an original issue discount of 99.
Bank of America Merrill Lynch, GE Capital Markets and Barclays are the lead banks on the deal.
Proceeds will be used to fund a dividend.
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.
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