Learning Care plans to start roadshow Tuesday for $265 million five-year senior secured notes

By Paul A. Harris

St. Louis, Feb. 22 - Learning Care Group (US) No. 2 Inc. will begin a roadshow on Tuesday for its $265 million offering of five-year senior secured notes (expected ratings B2/CCC+), according to an informed source.

The roadshow wraps up on March 2. Pricing is set for the middle part of the March 1 week.

Barclays Capital Inc., Wells Fargo Securities and Morgan Stanley & Co. Inc. are joint bookrunner for the Rule 144A for life offering.

The notes are non-callable for 2.5 years and come with a make-whole provision during the non-call period.

Proceeds will be used to refinance the company's term loan and mezzanine loan and for general corporate purposes.

The prospective issuer is a Novi, Mich.-based education services company.

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