Cengage Learning term loan gains with Apollo investment; Clarios comes to market

By Sara Rosenberg

New York, April 17 – In the secondary market on Monday, Cengage Learning Inc.’s term loan experienced a sizeable boost in levels following news of an investment in the company by Apollo Global Management Inc. through the purchase of new convertible preferred stock.

Cengage’s term loan moved up to 97 bid, 97¾ offered on Monday from 93½ bid, 94 offered on Friday as the company announced that Apollo will purchase $500 million of a new series of convertible preferred stock of Cengage Group, subject to certain adjustments, a trader said.

Apollo is buying the shares at a purchase price of $990 per share after giving effect to a $10 per share original issue discount.

Meanwhile, in the primary market, Clarios approached lenders with a new term loan B, and TMF Group (TMF Sapphire Bidco BV) and Garrett Motion Inc. joined this week’s new issue calendar.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.