Cengage Learning to price $740 million eight-year notes this week

By Paul A. Harris

Portland, Ore., May 23 – Cengage Learning, Inc. scheduled an investor conference call for its new $740 million offering of eight-year senior notes (Caa1/CCC+) at noon ET on Monday, according to a syndicate source.

The Rule 144A for life deal is set to price at the end of the present week.

Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, BMO Capital Markets Corp., Citigroup Global Markets Inc., Goldman Sachs & Co., Wells Fargo Securities LLC, Deutsche Bank Securities Inc. and KKR Capital Markets LLC are the joint bookrunners.

The notes become callable after three years at par plus 75% of the coupon.

The Boston-based educational content, technology and services company plans to use the proceeds to retire its existing term loan and pay a special dividend to the shareholders.

The financing also included a new $1.59 billion term loan.

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