SkillSoft completes repricing of $457.83 million credit facilities

By Paul A. Harris

Portland, Ore., Sept. 26 - SSI Investments II Ltd., the corporate parent of business training software provider SkillSoft Ltd., completed the repricing of its $457,825,000 of credit facilities on Wednesday, according to an informed source.

The $50 million incremental term loan priced at 991/2, at the rich end of the 99 to 99½ discount talk.

The $407,825,000 term loan priced at par, on top of discount talk.

The spread came at Libor plus 375 basis points, the tight end of the 375 bps to 400 bps spread talk. The deal has a 1.25% Libor floor.

There will be a 101 soft call in year one.

Morgan Stanley & Co. LLC, Barclays and Deutsche Bank Securities Inc. are the joint lead arrangers.

Proceeds will be used to fund the acquisition of ThirdForce Group plc.

SkillSoft is a Nashua, N.H.-based provider of on-demand e-learning and performance support services for enterprises, government, education and small- to medium-sized businesses.

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