Renaissance Learning launches $2.02 billion loan due April 2030 at SOFR plus 425 bps

By Sara Rosenberg

New York, Jan. 29 – Renaissance Learning Inc. held a lender call at 1 p.m. ET on Monday to launch a $2.015 billion term loan B due April 7, 2030 that is talked at SOFR plus 425 basis points with a 0.5% floor, an original issue discount of 99.75 for net new money and a par issue price for existing lenders, according to a market source.

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

Barclays is the left lead on the deal.

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

Proceeds will be used to reprice an existing term loan due 2030 down from SOFR plus 475 bps with a 0.5% floor.

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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