Lakeshore talks $580 million term loan at Libor plus 375-400 bps

By Sara Rosenberg

New York, Sept. 20 – Lakeshore Learning (Lakeshore Intermediate LLC) launched on Monday its $580 million seven-year first-lien term loan with price talk of Libor plus 375 basis points to 400 bps with one leverage-based step-down, a 0.5% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months.

Jefferies LLC, BMO Capital Markets, Macquarie Capital (USA) Inc., Citizens and KeyBanc Capital Markets are the bookrunners on the deal.

Commitments are due at noon ET on Sept. 29, the source added.

Proceeds will be used to help fund the buyout of the company by Leonard Green & Partners.

Lakeshore is a Carson, Calif.-based developer, distributor, and retailer of educational products and classroom furniture, primarily serving the Early Childhood Education and K-5 markets.

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