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Spring Education talks $634 million loan at Libor plus 375-400 bps
By Sara Rosenberg
New York, Jan. 29 – Spring Education Group launched on Wednesday its $634 million term loan with price talk of Libor plus 375 basis points to 400 bps with a 0% Libor floor and a par issue price, according to a market source.
The term loan is getting 101 soft call protection for six months, the source said.
Macquarie Capital (USA) Inc. is the lead on the deal.
Commitments are due at 5 p.m. ET on Feb. 5, the source added.
Proceeds will be used to reprice an existing term loan down from Libor plus 425 bps.
Spring Education is a Saratoga, Calif.-based provider of pre-K through 12th grade education.
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