Renaissance Learning widens $1.58 billion term loan OID to 97

By Sara Rosenberg

New York, March 16 – Renaissance Learning Inc. revised the original issue discount on its $1.575 billion seven-year first-lien term loan (B2/B-) to 97 from 98, according to a market source.

Pricing on the term loan remained at SOFR plus 475 basis points with a 0.5% floor.

The term loan still has 101 soft call protection for six months.

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.

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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