By Paul A. Harris
Portland, Ore., June 28 – Ascend Learning, LLC priced a $300 million issue of eight-year senior notes (Caa2/CCC+) at par to yield 6 7/8% on Wednesday, according to a market source.
The yield printed at the tight end of yield talk that was set in the 7% area.
Barclays was the lead left bookrunner. BofA Merrill Lynch, Deutsche Bank Securities Inc., Morgan Stanley & Co. and RBC Capital Markets LLC were the joint bookrunners.
Proceeds will be used to help fund the acquisition of Ascend Learning, a Burlington, Mass.-based provider of educational content, software and analytics solutions, by funds affiliated with Blackstone and Canada Pension Plan Investment Board from Providence Equity Partners and Ontario Teachers’ Pension Plan.
The issuing entity is Alpine Merger Sub LLC, which is to be assumed by Ascend Learning when the acquisition closes.
| Issuer: | Alpine Finance Merger Sub LLC, to be assumed by Ascend Learning, LLC, following merger
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| Amount: | $300 million
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| Maturity: | Aug. 1, 2025
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| Securities: | Senior notes
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| Left lead bookrunner: | Barclays
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| Joint bookrunners: | BofA Merrill Lynch, Deutsche Bank, Morgan Stanley, RBC
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| Coupon: | 6 7/8%
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| Price: | Par
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| Yield: | 6 7/8%
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| Call: | Make-whole call at Treasuries plus 50 bps until Aug. 1, 2020, then callable at 103.438
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| Trade date: | June 28
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| Settlement date: | July 12
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| Ratings: | Moody’s: Caa2
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| S&P: CCC+
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 7% area
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| Marketing: | Roadshow
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