BMO Capital Markets today in New York launched a $93 million dividend recap for Catapult Learning, a portfolio company of JMI Equity and Carlyle Group since March 2008. The $93 million is structured as a $15 million revolver, a $12 million, delayed-draw term loan and a $66 million term loan, according to sources. Price talk is L+525, with a 1.5% LIBOR floor and a 98.25-area offer price.
Proceeds will be used to fund a dividend to the sponsors. (Dividend recap loans are detailed in LCD’s Loan Market Primer.) The delayed-draw facility will back a small, near-term acquisition, sources said. With a draw under the delayed-draw term loan, pro forma leverage will run 3.25x all-senior, they said.
Catapult Learning provides tutoring and supplemental education services to public, private and religious schools across the U.S. The company is based in Camden, N.J. – Kelly Thompson