Ascend Learning launches $20 million add-on term loan to investors

By Sara Rosenberg

New York, July 14 – Ascend Learning held a call at 2 p.m. ET on Tuesday to launch a fungible $20 million add-on term loan that is talked with an original issue discount of 99.75, according to a market source.

Pricing on the add-on loan due 2019 is Libor plus 450 basis points with a 1% Libor floor, and the debt has 101 soft call protection through December, which matches the terms on the existing term loan, the source said.

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

Proceeds will be used for acquisition financing and general corporate purposes.

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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