Renaissance Learning to launch $450 million credit facility on Friday

By Sara Rosenberg

New York, Sept. 23 - Renaissance Learning Inc. is set to hold a bank meeting on Friday morning to launch a $450 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 five-year revolver, a $310 million seven-year first-lien term loan and a $120 million 71/2-year second-lien term loan, the source said.

Proceeds will be used to refinance existing debt and fund a dividend.

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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