FullBloom lines up $385M term loan for buyout; lender call today

FullBloom is in the market with a $385 million term loan B due 2028 that will be used to finance the acquisition of the company by American Securities, according to sources. The deal launches with a lender call that is scheduled for today at 11 a.m. ET. Commitments are due by 5 p.m. ET on Dec. 9.

J.P. Morgan, Jefferies, Goldman Sachs, Macquarie and KKR Capital Markets are joint lead arrangers on the deal.

Thus far, Moody's has assigned a B3 corporate ratings with stable outlook and a B2 issue-level rating to the first-lien debt, which includes a $75 million five-year revolver, to be undrawn at close, with a springing first-lien leverage covenant. ASP Dream Acquisition Co. LLC is the borrower.

Additional financing includes a $100 million second-lien term loan, the rating agency notes.

FullBloom is a national provider of academic intervention and behavioral health services for children with special needs and students struggling academically in school.