Lakeshore Learning lifts incremental term loan to $150 million

By Sara Rosenberg

New York, Aug. 15 – Lakeshore Learning Materials LLC upsized its fungible incremental first-lien term loan due Oct. 1, 2028 to $150 million from $100 million, according to a market source.

Pricing on the incremental term loan is SOFR+CSA plus 350 basis points with a 0.5% floor, in line with existing term loan pricing, and the new debt is talked with an original issue discount of 98.79.

CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

The incremental term loan has 101 soft call protection for six months.

Jefferies LLC, BMO Capital Markets, Wells Fargo Securities LLC, Citizens and KeyBanc Capital Markets are the bookrunners on the deal.

Commitments were scheduled to be due at 5 p.m. ET on Tuesday, extended from 3 p.m. ET on Tuesday, the source added.

Proceeds will be used to fund a one-time shareholder distribution.

Lakeshore is a Carson, Calif.-based developer, distributor and retailer of educational products and classroom furniture, primarily serving the Early Childhood Education and K-5 markets.

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