Ascend Learning flexes $482.5 million term loan to Libor plus 450 bps

By Sara Rosenberg

New York, June 12 – Ascend Learning increased pricing on its $482.5 million first-lien term loan due 2019 to Libor plus 450 basis points from Libor plus 425 bps, according to a market source.

The loan still has a 1% Libor floor, a par issue price, 101 soft call protection for six months and a 100 bps step-up if corporate ratings are lower than B3/B-.

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

Proceeds will be used to reprice an existing term loan down from Libor plus 500 bps with a 1% Libor floor.

Based in Burlington, Mass., and Leawood, Kan., 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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