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Weld North Education prices $250 million add-on term loan at 98.8 OID
By Sara Rosenberg
New York, March 8 – Weld North Education LLC wrapped syndication of a fungible $250 million add-on first-lien term loan (B2/B-) at an original issue discount of 98.8, according to a market source.
The add-on term loan was placed with existing lenders, the source said.
Pricing on the add-on term loan matches existing term loan pricing at Libor plus 425 basis points with a 0% Libor floor.
The add-on term loan has 101 soft call protection for six months.
Credit Suisse Securities (USA) LLC, RBC Capital Markets, KKR Capital Markets, BMO Capital Markets, Macquarie Capital (USA) Inc. and Golub Capital are the leads on the deal.
The add-on term loan allocated and broke for trading on Thursday at 98 7/8 bid, 99¾ offered, the source added.
Proceeds will be used to help fund the acquisition of Glynlyon Inc.
Weld North Education is a digital education technology company focused on developing digital curriculum and tools for preK-12th grade.
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