Spring Education to launch $950 million credit facilities on Tuesday

By Sara Rosenberg

New York, Sept. 14 – Spring Education Group is scheduled to hold a lender call on Tuesday to launch $950 million of credit facilities, according to a market source.

Macquarie Capital (USA) Inc. and Goldman Sachs Bank USA are the leads on the deal.

The facilities consist of a $100 million five-year revolver and an $850 million seven-year term loan B, the source said.

Proceeds will be used to refinance existing credit facilities, including a $611 million first-lien term loan currently priced at SOFR+CSA plus 400 basis points and a $225 million second-lien term loan priced at SOFR+CSA plus 825 bps.

The CSA on the existing term loans is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Spring Education is a Campbell, Calif.-based provider of pre-K through 12th grade education.

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