Renaissance Learning launches $475 million term loan to investors

By Sara Rosenberg

New York, March 9 – Renaissance Learning Inc. held a lender call at 2 p.m. ET on Wednesday to launch a non-fungible $475 million seven-year incremental first-lien term loan that is talked at SOFR plus 400 basis points to 425 bps with a 0.5% floor and an original issue discount of 98.5, according to a market source.

The incremental term loan has 101 soft call protection for six months, no CSA and a springing maturity six months ahead of the company’s second-lien term loan due May 2026.

Barclays is the left lead and the administrative agent on the deal.

Commitments are due at 5 p.m. ET on March 16, the source added.

Proceeds will be used to fund a recently signed acquisition and pay related fees and expenses.

Blackstone and Francisco Partners are the sponsors.

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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