Weld North firms $950 million of term loan debt at Libor plus 400 bps

By Sara Rosenberg

New York, Dec. 15 – Weld North Education set pricing on its fungible $412 million incremental first-lien term loan due December 2027 and extended $538 million first-lien term loan to December 2027 at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, according to a market source.

Also, the original issue discount on the incremental term loan was tightened to 99.5 from 99, the source said.

The term loan debt still has a 0.75% Libor floor and 101 soft call protection for six months, and existing lenders are still getting a 25 bps extension fee.

Previously in syndication, the extended term loan was upsized from $238 million as the company decided to extend all of its first-lien term loan debt from February 2025 as opposed to only extending a portion of the debt.

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.

Recommitments were scheduled to be due at 2 p.m. 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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