Ascend Learning launches $482.5 million first-lien term loan repricing

By Sara Rosenberg

New York, June 4 – Ascend Learning launched with a call on Thursday a repricing of its $482.5 million first-lien term loan due 2019 at talk of Libor plus 425 basis points with a 1% Libor floor and a par issue price, according to a market source.

The loan has 101 soft call protection for six months and a 100 bps step-up if corporate ratings are lower than B3/B-, the source said.

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

The transaction will take pricing on the term loan down from Libor plus 500 bps with a 1% Libor floor.

Commitments are due at noon ET on June 11, the source added.

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.