Plato Learning gets debt commitment for buyout by Thoma Bravo

By Sara Rosenberg

New York, March 26 - Plato Learning Inc. has received a debt financing commitment from Wells Fargo Capital Finance to help fund its acquisition by Thoma Bravo LLC, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Under the agreement, Plato shareholders will receive $5.60 in cash per share. The buyout is valued at about $143 million.

Other financing for the transaction will come from equity.

Closing is expected to occur during the company's fiscal quarter ending July 31, subject to regulatory and shareholder approvals.

Plato is a Bloomington, Minn.-based provider of K-adult online learning services.

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