Cengage Learning in its new senior secured term loan facility and senior secured revolving credit facility

On March 22, 2024, Cengage Learning, Inc. entered into a new seven-year $1.645 billion senior secured term loan facility and a new five-year $200 million senior secured revolving credit facility, pursuant to a new first lien credit agreement among Cengage, Cengage Learning Holdco, Inc., the lenders and issuing banks party thereto, and Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent. Proceeds from the term loan facility will be used: (i) to repay all amounts owed under Cengage’s existing term loan facility and existing asset-based revolving facility, (ii) for fees and expenses in respect of the new facilities and payoff of existing facilities, and (iii) for general corporate purposes.

Wachtell Lipton is serving as counsel to Cengage.