Weld North revises term loan extension amount to $538 million

By Sara Rosenberg

New York, Dec. 14 – Weld North Education is now extending its entire existing $538 million first-lien term loan to December 2027 from February 2025 as opposed to only extending $238 million and leaving $300 million as a non-extended tranche, according to a market source.

Price talk on the extended term loan and a fungible $412 million incremental first-lien term loan due December 2027 remained at Libor plus 400 basis points to 425 bps with a 0.75% Libor floor.

The incremental term loan is still talked with an original issue discount of 99, and existing lenders are still being offered a 25 bps extension fee.

The incremental term loan and extended term loan will have 101 soft call protection for six months.

RBC Capital Markets, BMO Capital Markets, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, KKR Capital Markets and Macquarie Capital (USA) Inc. are the joint lead arrangers on the deal.

Commitments continue to be due at noon ET on Tuesday, the source added.

Proceeds from the incremental term loan will be used for a shareholder distribution, to fund an acquisition and for general corporate purposes.

Weld North Education, a portfolio company of Silver Lake Partners, is an education technology company focused on digital curriculum for grades K-12.

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