Renaissance Learning reveals structure on $270 million facility

By Sara Rosenberg

New York, Sept. 1 - Renaissance Learning Inc. outlined the structure on its proposed $270 million credit facility for its acquisition by Permira Funds in a PREM14A filed with the Securities and Exchange Commission on Thursday.

The facility consists of a $20 million revolver, a $175 million first-lien term loan and a $75 million second-lien term loan.

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 roughly $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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