PowerSchool launches $840 million term loan at SOFR plus 325 bps

By Sara Rosenberg

New York, Sept. 27 – PowerSchool Holdings Inc. (Severin Acquisition LLC) launched on Wednesday its $840 million first-lien term loan due Aug. 1, 2027 with price talk of SOFR plus 325 basis points with a step-down to SOFR plus 300 bps at 0.25x inside closing total first-lien net leverage, a 0% floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Barclays is the left lead on the deal.

Commitments are due at 5 p.m. ET on Tuesday, the source added.

Proceeds will be used to amend and extend an existing $840 million first-lien term loan due August 2025.

PowerSchool is a Folsom, Calif.-based provider of cloud-based software for K-12 education.

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