KinderCare reprices $1.58 billion 2030 term loan to SOFR plus 450 bps

By Paul A. Harris

Portland, Ore., April 22 – KinderCare Learning Cos. Inc. (Kuehg Corp.) repriced its $1.583 billion term loan B due June 12, 2030 (B2/B/BB) to SOFR plus 450 basis points, atop a 0.5% floor, at par, according to a market source.

The deal priced Friday and is expected to close in the middle part of the present week.

The spread came on top of spread talk. For new money lenders the issue price came at the rich end of the 99.75 to par price talk. Existing lenders were offered the repriced paper at par.

The term loan still has 101 soft call protection for six months and amortization of 1% per annum.

Barclays is the left lead and agent on the deal.

Proceeds will be used to reprice an existing term loan B down from SOFR plus 500 bps.

KinderCare is a Lake Oswego, Ore.-based provider of private early childhood care and education.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.