{"id":514418,"date":"2021-07-19T08:04:10","date_gmt":"2021-07-19T12:04:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/skillsoft-successfully-completes-debt-refinancing-to-support-growth\/"},"modified":"2021-07-19T08:04:10","modified_gmt":"2021-07-19T12:04:10","slug":"skillsoft-successfully-completes-debt-refinancing-to-support-growth","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/skillsoft-successfully-completes-debt-refinancing-to-support-growth\/","title":{"rendered":"Skillsoft Successfully Completes Debt Refinancing to Support Growth"},"content":{"rendered":"

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Skillsoft Successfully Completes Debt Refinancing to Support Growth<\/b><\/p>\n

Substantially Strengthens Balance Sheet and Enhances Financial Flexibility <\/i><\/p>\n

New Term Loan Carries a Meaningfully Lower Interest Rate and Extends Maturity to 2028<\/i><\/p>\n

BOSTON–(BUSINESS WIRE<\/a>)–
\nSkillsoft Corp. (NYSE: SKIL) (\u201cSkillsoft\u201d or the \u201cCompany\u201d), a global leader in corporate digital learning, today announced it has successfully completed its previously announced debt refinancing. The Company has closed a new $480 million senior secured term loan B facility. This facility, along with cash on hand, will be used to refinance and repay the Company\u2019s existing term loan facilities, thereby reducing long-term debt by approximately $130 million.\n<\/p>\n

\nThe new term loan B facility reduces Skillsoft\u2019s interest rate by 300 basis points and extends its maturity from 2025 to 2028. Together, the refinancing and debt paydown will decrease the Company\u2019s annual interest payments by approximately $25 million.\n<\/p>\n

\nJeffrey R. Tarr, Skillsoft\u2019s Chief Executive Officer, said, \u201cWe are pleased to complete our refinancing, which strengthens our balance sheet, increases our free cash flow and provides substantial financial flexibility to execute on our organic and acquisitive growth plans. We are excited to move forward as an even stronger company as we continue helping our customers future-proof their workforce and giving learners the tools they need to realize their full potential.\u201d\n<\/p>\n

\nAs a result of the refinancing and debt paydown, the Company has $480 million of long-term debt outstanding.\n<\/p>\n

\nAdditional information is available in a presentation on the Investor Relations<\/a> section of the Company\u2019s website and included in a Form 8-K filed today with the U.S. Securities and Exchange Commission.\n<\/p>\n

About Skillsoft
\n
<\/b>Skillsoft (NYSE: SKIL) is a global leader in corporate digital learning, serving approximately 70% of the Fortune 1000, customers in over 160 countries and more than 45 million learners globally. The Company provides enterprise learning solutions to prepare organizations for the future of work, enabling them to overcome critical skill gaps, drive demonstrable behavior-change, and unlock the potential in their greatest assets \u2013 their people. Skillsoft offers the world\u2019s most comprehensive suite of premium and original content, including the broadest and deepest library of authorized technology & developer curricula, and multiple learning modalities that dramatically increase learner engagement and retention. Skillsoft\u2019s offerings are anchored in Percipio, its award-winning, AI-driven, immersive learning platform designed to make learning easier, more accessible and more effective. Learn more at www.skillsoft.com<\/a>.\n<\/p>\n

Forward Looking Statements
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<\/b>This document includes statements that are, or may be deemed to be, \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as our outlook, our product development and planning, our pipeline, future capital expenditures, financial results, the impact of regulatory changes, existing and evolving business strategies and acquisitions and dispositions, demand for our services and competitive strengths, goals, the benefits of new initiatives, growth of our business and operations, our ability to successfully implement our plans, strategies, objectives, expectations and intentions are forward-looking statements. Also, when we use words such as \u201cmay,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cprojects,\u201d \u201cforecasts,\u201d \u201cseeks,\u201d \u201coutlook,\u201d \u201ctarget,\u201d goals,\u201d \u201cprobably,\u201d or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of Skillsoft\u2019s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.\n<\/p>\n

\nThere are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including:\n<\/p>\n