Renaissance Learning launches $1.58 billion loan at SOFR plus 475 bps

By Sara Rosenberg

New York, March 8 – Renaissance Learning Inc. held a lender call at 2 p.m. ET on Wednesday to launch a $1.575 billion seven-year first-lien term loan (B2) that is talked at SOFR plus 475 basis points with a 0.5% floor and an original issue discount of 98, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Barclays, Madison Capital, Macquarie Capital (USA) Inc., BMO Capital Markets, RBC Capital Markets, Jefferies LLC and Nomura are the joint bookrunners on the deal. Barclays is the administrative agent.

Commitments are due at noon ET on March 15, the source added.

Proceeds will be used to refinance the company’s existing 2025 and 2027 first-lien term loans and to pay related fees and expenses.

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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