A $190 million refinancing for Apollo Management's Educate hit the market last Wednesday. The J.P. Morgan-led deal is refinancing a $130 million facility that was put into place in 2003 when Apollo acquired Educate, the parent company of Sylvan Learning Center that focuses on the K-12 education market.
J.P. Morgan also led the original debt, which is made up of a $20 million revolver at LIBOR plus 33/4% and a $110 million term loan at LIBOR plus 41/2%. The new facility comprises a $20 million revolver and $170 million term loan. Price talk is LIBOR plus 3% on the entire facility. A J.P. Morgan spokesman declined comment and Apollo officials could not be reached by press time.