Renaissance Learning sets Wednesday launch for $270 million facility

By Sara Rosenberg

New York, Sept. 15 - Renaissance Learning Inc. has scheduled a bank meeting for Wednesday afternoon to launch its proposed $270 million credit facility, according to a market source.

RBC Capital Markets LLC and BMO Capital Markets Corp. are the joint lead arrangers on the deal, with RBC the bookrunner.

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

According to the filing, proceeds will be used to help fund the buyout of the company by Permira Funds 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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