Cambium launches $295 million add-on first-lien term loan at 96 OID

By Sara Rosenberg

New York, Nov. 7 – Cambium Learning Group Inc. launched on Thursday its fungible $295 million add-on first-lien term loan with original issue discount talk of 96, according to a market source.

Pricing on the add-on first-lien term loan is Libor plus 450 basis points with a 0% Libor floor.

The add-on first-lien term loan has 101 soft call protection for six months, the source said.

Commitments are due at noon ET on Nov. 20.

The company is also getting a fungible $93 million add-on second-lien term loan that is already fully subscribed.

Pricing on the add-on second-lien term loan is Libor plus 850 bps with a 0% Libor floor.

RBC Capital Markets, Barclays and BMO Capital Markets are the joint bookrunners on the deal.

Proceeds will be used to fund the acquisition of AIR Assessment, the student assessment division of the American Institutes for Research.

Closing is subject to regulatory review and other customary conditions.

Cambium, a Veritas Capital portfolio company, is a Dallas-based provider of digital instructional materials to preK-12 districts, schools, teachers and parents.

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