Cengage Learning gets roughly $1.3 billion extended term loan

By Sara Rosenberg

New York, April 3 - Cengage Learning Acquisitions Inc.'s extended term loan due July 2017 is sized at around $1.3 billion following a planned repayment of $485 million from proceeds from a $725 million bond offering, according to a market source.

Pricing on the extended term loan is Libor plus 550 bps, after flexing earlier from talk of Libor plus 500 bps.

Non-extended term loan pricing is Libor plus 225 bps on a tranche due in 2014 and Libor plus 375 bps on an incremental tranche due in 2014.

Lenders were offered a 15 bps extension fee and 10 bps consent fee.

J.P. Morgan Securities LLC is the lead bank on the deal.

Cengage is a Stamford, Conn.-based provider of teaching, learning and research services for the academic, professional and library markets.

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