Cengage withdraws roughly $2 billion first-lien term loan repricing

By Sara Rosenberg

New York, June 16 – Cengage Learning Acquisitions Inc. pulled the repricing of its $2,031,000,000 first-lien covenant-light term loan due March 31, 2020 from market, according to an informed source.

The source said the reason for the withdrawal was that “the repricing market has softened in the past few weeks.”

The repricing was talked at Libor plus 450 basis points to 475 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months.

Current pricing on the term loan is Libor plus 600 bps with a 1% Libor floor.

Credit Suisse Securities (USA) LLC was the lead bank on the repricing proposal.

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

© 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.