Cengage launches repricing of roughly $2 billion first-lien term loan

By Sara Rosenberg

New York, June 8 – Cengage Learning Acquisitions Inc. held a lender call at 4 p.m. ET on Monday to launch a repricing of its $2,031,000,000 first-lien covenant-light term loan due March 31, 2020, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Price talk on the loan is Libor plus 450 basis points to 475 bps with a 1% Libor floor and a par issue price, the source said.

The repriced loan will have 101 soft call protection for six months.

Commitments are due at noon ET on Friday, the source added.

The repricing will take the first-lien term loan pricing down from Libor plus 600 bps with a 1% Libor floor.

Cengage is a Stamford, Conn.-based provider of teaching, learning and research services for the academic, professional and library markets.

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