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.

  • By Olivier Holmey
  • 01 Aug 2013

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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