Kramer Levin Advises Lead Arrangers in Veritas Capital and Cambium Learning Group Inc. Acquisition of AIR Assessment

Kramer Levin represented (a) RBC Capital Markets, Barclays Bank PLC, BMO Capital Markets Corp. and KKR Capital Markets LLC as lead arrangers, (b) Royal Bank of Canada, Barclays Bank PLC and Bank of Montreal as initial lenders and (c) Royal Bank of Canada as administrative agent and collateral agent in connection with a committed financing for the acquisition of AIR Assessment, the student assessment division of the American Institutes for Research (AIR) by Veritas Capital and Cambium Learning Group Inc. The financing includes loan commitments for a $295 million first-lien term loan and a $93 million second-lien term loan. Nationally recognized for its innovative design, AIR Assessment uses technology to measure student progress and provide educators and families with timely, relevant information about teaching and learning. The newly combined entity will bring together advanced K-12 assessment services with research-based, individualized instruction. The deal was announced on Aug. 22, 2019 and completed on Dec. 31, 2019.