Spring Education to launch $848 million term loan on Tuesday

By Sara Rosenberg

New York, April 15 – Spring Education Group is scheduled to hold a lender call on Tuesday to launch a repricing of its $848 million covenant-lite first-lien term loan due October 2030, according to a market source.

Macquarie Capital (USA) Inc. is the arranger and bookrunner on the deal.

The repriced term loan is talked with 101 soft call protection for six months, the source said.

Current and expected ratings are B3/B-.

Commitments are due at noon ET on Friday, the source added.

Current pricing on the company’s term loan is SOFR plus 450 basis points with a 25 bps step-down tied to total net opco leverage and a 0% floor.

Spring Education, backed by Primavera Capital, is a Campbell, Calif.-based private pre-K through 12th grade school operator.

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