Renaissance Learning reveals first- and second-lien term loan talk

By Sara Rosenberg

New York, Feb. 19 – Renaissance Learning (Renaissance Holding Corp.) released price talk on its non-fungible $358 million incremental first-lien term loan (B2/B-) and fungible $135 million incremental second-lien term loan (Caa2/CCC) with its lender call on Friday, according to a market source.

The first-lien term loan is talked at Libor plus 375 basis points with a 0% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 700 bps with a 0% Libor floor and a discount of 99, the source said.

Included in the first-lien term loan is 101 soft call protection for six months.

Barclays, Jefferies LLC, Nomura Securities, Macquarie Capital (USA) Inc., BMO Capital Markets and Madison are the bookrunners on the deal.

Commitments are due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to fund the acquisition of Nearpod.

Renaissance Learning is a Wisconsin Rapids, Wis.-based provider of software solutions for assessment, teaching and learning to K-12 schools and districts.

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