Ascend Learning sets roadshow for $300 million eight-year notes

By Paul A. Harris

Portland, Ore., June 23 – Ascend Learning, LLC plans to start a roadshow on Monday for a $300 million offering of eight-year senior notes (Caa2/CCC+), according to a market source.

A global investor call is also set to take place on Monday.

The roadshow travels to Baltimore and Boston on Tuesday and to Los Angeles on Wednesday.

The deal is set to price on Wednesday afternoon.

Barclays is the lead left bookrunner for the Rule 144A and Regulation S for life transaction. BofA Merrill Lynch, Deutsche Bank Securities Inc., Morgan Stanley & Co. and RBC Capital Markets LLC are the joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon and feature a three-year 35% equity clawback and a 101% poison put.

Proceeds will be used to help fund the acquisition of Ascend Learning, a Burlington, Mass.-based provider of educational content, software and analytics solutions, by funds affiliated with Blackstone and Canada Pension Plan Investment Board from Providence Equity Partners and Ontario Teachers’ Pension Plan.

The issuing entity will be Alpine Merger Sub LLC, which is to be assumed by Ascend Learning when the acquisition closes.

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