SkillSoft amends, gaining room for more share repurchases, raising term loan pricing

By Sara Rosenberg

New York, July 11 - SkillSoft Public Ltd. Co. amended its credit facility, allowing for additional repurchases of its shares and increasing term loan pricing, according to an 8-K filed with the Securities and Exchange Commission Friday.

Pricing on the term loan is now set at Libor plus 350 basis points, up from Libor plus 275 bps.

The company's expanded share repurchase ability is conditioned on the absence of an event of default and a requirement that the leverage ratio is no greater than 2.75:1.0 and a prepayment be made on the term loan in an amount equal to the dollar amount of any repurchase.

However, a term loan prepayment will not be required in connection with the first $24 million of repurchases made from and after July 7.

Credit Suisse is the administrative agent on the deal.

The amendment was completed on July 7.

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

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