Knowledge Learning launches $260 million 10-year notes

By Paul A. Harris

St. Louis, Jan. 24 - Knowledge Learning Corp. began a roadshow for its $260 million offering of 10-year senior subordinated notes (B-), according to a syndicate source.

The notes are expected to price later this week.

The notes will come with five years of call protection.

Credit Suisse First Boston, UBS Investment Bank and BNP Paribas are joint bookrunners for the Rule 144A offering. Guggenheim Capital Markets is the co-manager.

Proceeds will be used to help fund the purchase of KinderCare Learning Centers for $550 million and to repay existing debt at both companies.

Knowledge Learning is a San Rafael, Calif.-based provider of early childhood educational programs and services.

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