WorldStrides talks $50 million add-on loan at Libor plus 400-425 bps

By Sara Rosenberg

New York, Oct. 18 – WorldStrides launched on Friday its fungible $50 million add-on senior secured term loan B (B1) due December 2024 with price talk of Libor plus 400 basis points to 425 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The add-on term loan and the existing term loan B will get 101 soft call protection for six months, the source said.

Goldman Sachs Bank USA is the lead bank on the deal.

Commitments are due on Oct. 25, the source added.

Proceeds will be used for mergers and acquisitions.

With this transaction, pricing on the existing term loan B will be increased from Libor plus 375 bps to match the add-on term loan pricing. The 1% Libor floor on the existing loan will be unchanged.

WorldStrides is a Charlottesville, Va.-based provider of educational student travel.

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