Adtalem Global Education starts roadshow for $650 million offering of seven-year secured notes

By Paul A. Harris

Portland, Ore., Feb. 8 – Adtalem Global Education Inc. started a roadshow on Monday for a $650 million offering of seven-year senior secured notes (expected ratings B1/BB-), according to a syndicate source.

An investor conference call was scheduled to begin at 12:45 p.m. ET on Monday.

The Rule 144A and Regulation S for life notes are expected to price on Friday.

Lead left bookrunner Morgan Stanley & Co. LLC will bill and deliver. Barclays, Credit Suisse Securities (USA) LLC, MUFG and Fifth Third Securities Inc. are the joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon.

The issuing entity will be Adtalem Escrow Corp., which is to be merged with and into Adtalem Global Education.

The Chicago-based workforce solutions provider plans to use the proceeds to help fund its acquisition of Walden University from Laureate Education Inc. for $1.48 billion and to refinance Adtalem’s existing debt.

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