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Global University launches £75 million tap of 8% notes due 2020
By Paul A. Harris
Portland, Ore., Sept. 26 – Global University Systems BV plans to run a brief roadshow on Tuesday and Wednesday for a £75 million add-on to the Lake Bridge International plc 8% senior secured notes due July 23, 2020 (B3/B+), according to a market source.
Goldman Sachs is the lead bookrunner.
The notes become callable after Jan. 18, 2017 at 102.
The Amsterdam-based private higher education provider plans to use the proceeds to fund its 2016 acquisitions, including Arden University Ltd. and I.B.A.T. Ltd, and to repay amounts drawn under its bridge facility.
The original £234 million issue priced at 96.044 in July 2015.
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