Cengage eyes $1.59bn loan for debt repayment and dividend recap

U.S.-based higher education publisher is seeking to raise a $1.59bn term loan B, as well as $740m in senior unsecured debt, proceeds of which would be used to refinance approximately $2bn of existing secured debt and fund a shareholder dividend.

Morgan Stanley, Credit Suisse,  BMO Capital Markets, Citigroup,, Goldman Sachs, Wells Fargo, Deutsche Bank, and KKR Capital Markets are arranging the loan.

Source: Leveraged Loan