Spring Education withdraws $634 million term loan from market

By Sara Rosenberg

New York, Feb. 6 – Spring Education Group pulled its $634 million term loan due to market conditions, according to a market source.

The term loan was talked at Libor plus 375 basis points to 400 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months.

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

Proceeds were going to 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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