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SkillSoft launches $90 million incremental loan with discount of 96-97
By Sara Rosenberg
New York, Oct. 18 - SkillSoft Ltd. launched with a conference call on Tuesday its $90 million incremental senior secured term loan (Ba3/BB-) with original issue discount talk of 96 to 97, according to a market source.
As was previously reported, pricing on the loan will match existing term loan pricing, which is Libor plus 475 basis points with a 1.75% Libor floor.
Morgan Stanley Senior Funding, Inc. and Barclays Capital Inc. are the lead banks on the deal.
Proceeds will be used to help fund the acquisition of the Element K business from NIIT Ltd. for $110 million in cash.
SkillSoft is a Nashua, N.H.-based provider of on-demand e-learning and performance support services for global enterprises, government, education and small- to medium-sized businesses.
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