Bulletin: ASP Dream Acquisition Co. LLC's Proposed $50 Million Fungible Term Loan Add-On And Acquisition Will Be Credit Neutral

This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Feb. 10, 2025--S&P Global Ratings today said that ASP Dream Acquisition Co. LLC's (B-/Stable/--) proposed issuance of a $50 million fungible incremental first-lien term loan due 2028 will not materially affect the company?s creditworthiness. ASP Dream intends to use the proceeds from the incremental term loan, along with rollover equity, to fund its acquisition of CharacterStrong. CharacterStrong is a subscription-based product that provides emotional and learning services to K-12 students. We believe that the acquisition will complement the company?s school solution segment. All of our ratings on ASP Dream, including our 'B-' issuer credit rating and stable outlook, are unchanged. We now forecast that the company's revenue

...February 10, 2025 This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Feb. 10, 2025--S&P Global Ratings today said that ASP Dream Acquisition Co. LLC's (B-/Stable/--) proposed issuance of a $50 million fungible incremental first-lien term loan due 2028 will not materially affect the company's creditworthiness. ASP Dream intends to use the proceeds from the incremental term loan, along with rollover equity, to fund its acquisition of CharacterStrong. CharacterStrong is a subscription-based product that provides emotional and learning services to K-12 students. We believe that the acquisition will complement the company's school solution segment. All of our ratings on ASP Dream, including our 'B-' issuer credit rating and stable outlook, are unchanged. We now forecast that the company's revenue will modestly decline in fiscal year 2025 as its strong organic revenue growth and the contributions from its acquisition are offset by the winddown of its EANS business....

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