Moody’s affirms Renaissance Learning

Moody's Investors Service said it affirmed Renaissance Learning, Inc.'s B3 corporate family rating and B3-PD probability of default rating.

The agency also affirmed the B2 rating on the company's first-lien senior secured credit facility, consisting of an amended and upsized $685.5 million term loan due 2021 and a $40 million revolver due 2021, and the Caa2 rating on its amended and upsized $283.7 million second-lien senior secured term loan due 2022.

The outlook is stable.

Renaissance recently closed the acquisition of myON LLC, a provider of literacy software content in the K-12 market with an extensive library of digital books. To finance the acquisition, Renaissance amended its credit facilities and upsized its first-lien term loan by $135 million and its second-lien term loan by $55 million.

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