Cambium Learning wraps $350M add-on term loan for refinancing; terms

Investors have received allocations of Cambium Learning Group Inc.'s $350 million fungible add-on first-lien term loan due December 2025 (L+450, 0.75% Libor floor) that priced in line with talk at an original issue discount of 99.75 via an RBC Capital Markets-led arranger group, according to sources. Proceeds from the transaction, which will bring the tranche size of the covenant-lite term loan to $1.324 billion, will be used to refinance the issuer's existing $125 million non-fungible incremental second-lien term loan due December 2026 (L+850, 1% floor) and its original second-lien term loan due December 2026 (L+850, 0% floor) that total a combined $348 million. The 101 soft call protection on the facility will run through Sept. 21, 2021. Dallas-based Cambium Learning, backed by Veritas Capital, provides intervention curriculums, education technologies and educational services. Terms: