Ascend Learning revises OID on $20 million add-on term loan to 99 7/8

By Sara Rosenberg

New York, July 17 – Ascend Learning tightened the original issue discount on its fungible $20 million add-on term loan to 99 7/8 from 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.

Also, like the existing term loan, the add-on loan has a 100 bps pricing step-up if the corporate family rating is below B3/B-.

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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