KinderCare firms $690 million term loan at Libor plus 425 bps

By Sara Rosenberg

New York, Oct. 14 – KinderCare Education LLC (Kuehg Corp.) finalized pricing on its $690 million covenant-light first-lien term loan (B1/B) due Aug. 13, 2022 at Libor plus 425 basis points, the low end of the Libor plus 425 bps to 450 bps talk, according to a market source.

As before, the term loan has a 1% Libor floor, a par issue price and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds will be used to reprice an existing first-lien term loan from Libor plus 500 bps with a 1% Libor floor.

KinderCare, formerly known as Knowledge Universe, is a Portland, Ore.-based provider of early childhood care and education services.

© 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.