Renaissance Learning plans $270 million loan for buyout by Permira

By Sara Rosenberg

New York, Aug. 16 - Renaissance Learning Inc. is expected to get a new $270 million credit facility to help funds its acquisition by Permira Funds, according to a market source.

RBC Capital Markets LLC is the lead bank on the deal.

Under the agreement, Permira is buying the company for $14.85 per share in cash, or approximately $440 million.

Other funds for the transaction will come from up to $196.7 million of equity.

Closing is anticipated in the fourth quarter, subject to customary conditions, including shareholder approval and clearance under the Hart-Scott-Rodino Act. It is not subject to financing.

Renaissance Learning is a Wisconsin Rapids, Wis.-based provider of technology-based school improvement and student assessment programs for K-12 schools.

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