TSL Education allocates discounted, covenant-heavy loan
UK educational publisher TSL Education allocated its new £250m debt package on Wednesday, after deepening the discount to attract more investors.
The OID on the first lien deepened from 98 to 97, and from 98 to 95 on the second lien.
The debt’s first lien consists of a £170m seven year term loan ‘B’ priced at 550bp over Libor, at the tight end of its 550b- 575bp guidance. It
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