Spring Education Group tightens $106 million term loan OID to 99

By Sara Rosenberg

New York, March 8 – Spring Education Group revised the original issue discount on its fungible $106 million incremental first-lien term loan (B2/B-) to 99 from talk in the 98.75 area, according to a market source.

Pricing on the incremental loan is Libor plus 425 basis points with a 0% Libor floor, in line with existing term loan pricing.

Macquarie Capital (USA) Inc. is the lead on the deal.

Proceeds will be used to fund the acquisition of schools.

Spring Education, a Primavera Capital Group portfolio company, is a California-based provider of pre-K through 12th grade education.

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