KinderCare upsizes first-lien term loan tack-on to $50 million

By Paul A. Harris

Portland, Ore., April 27 – KinderCare Education, LLC upsized a tack-on to its first-lien term loan due Aug. 13, 2022 (B1/B) to $50 million from $25 million, a market source said on Wednesday.

Talk remains at 500 basis points over Libor, with a step-down, at 98.5.

Commitments were due at the Wednesday New York close.

Credit Suisse Securities (USA) LLC is the arranger.

The spread will float atop a 1% Libor floor.

The spread to Libor is the same as that of the existing $642 million loan, as is the 101 soft call through August 2016.

Proceeds will be used to fund the early buyout of leases on closed properties.

KinderCare, formerly known as Knowledge Universe, is a for-profit Portland, Ore.-based provider of early childhood education in the United States and the parent company of KinderCare Learning Centers, as well as the brands Children’s Creative Learning Centers and Champions.

© 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.