SkillSoft tightens discount on $90 million incremental loan to 97½

By Sara Rosenberg

New York, Oct. 19 - SkillSoft Ltd. moved the original issue discount on its $90 million incremental senior secured term loan (Ba3/BB-) to 97½ from talk of 96 to 97, according to a market source.

Pricing on the loan matches existing term loan pricing at Libor plus 475 basis points with a 1.75% Libor floor.

Final commitments towards the loan were due at noon ET on Wednesday, after the deadline was accelerated from Oct. 25.

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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