SkillSoft prices $325 million Libor plus 475 bps term loan at 99

By Paul A. Harris

St. Louis, May 20 - SkillSoft plc priced its $325 million Libor plus 475 bps term loan at 99, market sources said on Thursday.

The reoffer price came on top of price talk that had tightened from the original 98.5 talk.

The loan becomes callable at 102 after one year.

Morgan Stanley and Barclays were the lead banks.

The $365 million senior secured credit facility (Ba3/BB-) also includes a $40 million revolver.

Proceeds will be used to help fund the buyout of the company by an investor group, which is comprised of Berkshire Partners LLC, Advent International Corp. and Bain Capital Partners LLC. The group is purchasing SkillSoft for $11.25 in cash per share. The fully diluted equity value of the transaction is $1.2 billion.

Other financing will come from equity. Also, the company has received a commitment for a $240 million senior unsecured bridge loan.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.