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S&P ups Lernen first-lien debt
S&P said it assigned a B- long-term issuer credit rating to Lernen Bidco Ltd., the entity at which the future consolidated accounts of the group will be prepared.
S&P also raised its issue rating on Lernen Bidco's first-lien bank loan debt (current outstanding amount of £472.3 million equivalent, compared with the initial £555.8 million) to B from B-.
The outlook is stable.
Lernen Bidco, a financing subsidiary of education company Lernen Bondco plc, operating as Cognita, has successfully placed €255 million of second-lien debt and used the proceeds to repay shareholder loans along with part of the group's first-lien debt.
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