Renaissance Learning widens pricing on $475 million term loan

By Sara Rosenberg

New York, March 16 – Renaissance Learning Inc. raised pricing on its non-fungible $475 million incremental first-lien term loan to SOFR plus 450 basis points from talk in the range of SOFR plus 400 bps to 425 bps, according to a market source.

In addition, the original issue discount on the term loan was changed to 97 from 98.5 and the maturity was shortened to five years from seven years, the source said.

As before, the term loan has a 0.5% floor, 101 soft call protection for six months and no CSA.

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

Commitments continued to be due at 5 p.m. ET on Wednesday, 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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