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WorldStrides firms $50 million add-on loan at Libor plus 425 bps
By Sara Rosenberg
New York, Oct. 28 – WorldStrides finalized pricing on its fungible $50 million add-on senior secured term loan B (B1/B-) due December 2024 at Libor plus 425 basis points, the high end of the Libor plus 400 bps to 425 bps talk, according to a market source.
As before, the term loan has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.
Goldman Sachs Bank USA is the lead bank on the deal.
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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