Details emerge on Cambium Learning's $2.15B unitranche financing

Blackstone Private Credit Fund (BCRED)'s investment portfolio included a $1.02 billion holding (at par) of a first-lien senior secured loan to Cambium Learning Group Inc., according to the lender's website.

Interest on the loan is Libor+550. Maturity is July 2028. As of Sept. 30, the debt accounted for 5.7% of BCRED's net assets.

The loan was part of a transaction that closed in July. In total, Cambium Learning Group Inc. received $2.15 billion of unitranche financing, market sources said. Blackstone led the financing. Proceeds refinanced debt, including a $1.3 billion syndicated term loan, as part of a recapitalization of the company.

The education technology company has been an investment of Veritas Capital since 2018, when it was acquired in a take-private transaction. Earlier this year, Cambium Learning sold Rosetta Stone's foreign language learning division to IXL Learning Inc.

BCRED is a nontraded business development company.