Renaissance Learning flexes first-lien loan to Libor plus 325 bps

By Sara Rosenberg

New York, Feb. 25 – Renaissance Learning (Renaissance Holding Corp.) reduced pricing on its $358 million incremental first-lien term loan (B2/B-) to Libor plus 325 basis points from Libor plus 375 bps and revised the tranche to fungible from non-fungible, according to a market source.

Also, the original issue discount on the incremental first-lien term loan was changed to 99.03 from 99, the source said.

The incremental first-lien term loan still has a 0% Libor floor and 101 soft call protection for six months.

In addition, the company tightened the original issue discount on its fungible $135 million incremental second-lien term loan (Caa2/CCC) to 99.25 from 99, the source continued.

Pricing on the incremental second-lien term loan remained at Libor plus 700 bps with a 0% Libor floor.

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

Commitments were scheduled to be 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. Nearpod is a provider of an instructional platform that merges real-time formative assessment and dynamic media for learning experiences inside and outside of the classroom.

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