Skillsoft first- and second-lien term loans slide lower in trading with acquisition news

By Sara Rosenberg

New York, Aug. 21 – Skillsoft Ltd.’s first- and second-lien term loans headed downwards in trading on Thursday after the company announced plans for an acquisition for which new financing has been committed, according to a trader.

The first-lien term loan was quoted at 98 bid, 99 offered, down from 99 bid, 99½ offered and the second-lien term loan was quoted at 97¼ bid, 98¾ offered, down from 98½ bid, 99¼ offered, the trader said.

Under the agreement, Skillsoft is buying SumTotal Systems LLC from Vista Equity Partners.

Funds for the acquisition will come from a financing commitment that was provided by Barclays, Morgan Stanley, Deutsche Bank and Credit Suisse, the company disclosed in a news release.

Closing is expected in around 45 days, subject to the expiration of the applicable waiting period under the Hart-Scott-Rodino Act and other customary conditions.

Skillsoft is a Dublin, Ireland-based provider of cloud-based learning services. SumTotal is a Gainesville, Fla.-based provider of integrated HR services.

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