Ascend Learning readies $40 million add-on loan launch for Thursday

By Sara Rosenberg

New York, Jan. 7 – Ascend Learning is set to hold a call at 10 a.m. ET on Thursday to launch a $40 million add-on first-lien term loan due July 31, 2019, 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.

Original issue discount talk on the add-on loan is not yet available, the source said.

The loan has 101 soft call protection until Jan. 31, amortization of 1% per annum and maximum first-lien leverage and maximum capital expenditures covenants.

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

Proceeds will be used with cash on hand to fund the acquisition of a U.S.-based medical education management solutions provider.

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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