Ascend Learning launches $40 million add-on first-lien loan at 99½ OID

By Sara Rosenberg

New York, June 19 – Ascend Learning launched on Thursday its $40 million add-on first-lien term loan with original issue discount talk of 99½, according to a market source.

Pricing on the add-on loan is Libor plus 500 basis points with a 1% Libor floor, in line with the existing first-lien term loan.

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

Proceeds will be used to fund an acquisition.

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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