Ascend Learning, LLC Acquisition Financings

Davis Polk advised the lead arrangers in connection with a $125 million senior secured revolving credit facility and a $700 million senior secured term loan facility for Alpine Finance Merger Sub LLC, a newly created entity formed at the direction of Blackstone Core Equity Partners L.P. and Canada Pension Plan Investment Board to finance their acquisition of Ascend Learning Holdings, LLC and certain other transactions.

Davis Polk also advised the lead arranger and bookrunner in connection with a Rule 144A/Regulation S offering by Alpine Finance Merger Sub (to be assumed by Ascend Learning, LLC) of $300 million aggregate principal amount of its 6.875% senior notes due 2025. The offering is part of the financing for the acquisition. 

Ascend Learning, LLC is a provider of educational content, software and analytics that enable institutions, students and employers to succeed in health care and other high-growth, licensure-driven professions.

The Davis Polk credit team included partner Monica Holland and associates Ilona C. Potiha and Christopher Nairn. The capital markets team included partner Michael Kaplan and associates Milson C. Yu and Eileen Juyon Park. Partner Frank J. Azzopardi and associate Jason J. Bang provided intellectual property and technology advice. Counsel Ethan R. Goldman provided tax advice. Members of the Davis Polk team are based in the New York and Northern California offices.