Cambium Learning to launch $500 million credit facilities on Nov. 28

By Sara Rosenberg

New York, Nov. 19 – Cambium Learning Group Inc. is scheduled to hold a bank meeting at 2 p.m. ET on Nov. 28 to launch $500 million of credit facilities, according to a market source.

RBC Capital Markets, Deutsche Bank Securities Inc., Barclays and BMO Capital Markets are the bookrunners on the deal.

The facilities consist of a $50 million revolver, a $320 million first-lien term loan and a $130 million second-lien term loan, the source said.

Commitments are due at noon ET on Dec. 11, the source added.

Proceeds will be used to help fund the buyout of the company by Veritas Capital for $14.50 in cash per share.

Closing is expected this quarter or in the first quarter of 2019, subject to customary conditions and regulatory approvals.

Cambium is a Dallas-based educational technology solutions company.

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