Renaissance Learning to launch $250 million facility on Thursday

By Sara Rosenberg

New York, Oct. 15 - Renaissance Learning Inc. scheduled a bank meeting for Thursday to launch a $250 million credit facility, according to a market source.

RBC Capital Markets LLC and BMO Capital Markets Corp. are the lead banks on the deal.

The facility consists of a $20 million revolver and a $230 million term loan B, the source said.

Proceeds will be used to refinance existing debt.

With this transaction, the company's existing first-lien term loan will be repaid at par and its existing second-lien term loan will be repaid at 103.

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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