Nord Anglia to launch $1.9 billion equivalent of term loans on Friday

By Sara Rosenberg

New York, Jan. 12 – Nord Anglia Education (Fugue Finance) is scheduled to hold a lender call at 10 a.m. ET on Friday to launch a $500 million term loan B due January 2028 and an up to $1.4 billion equivalent euro term loan B due January 2028, according to a market source.

Small group question and answer meetings will be available on Monday and Tuesday.

Deutsche Bank Securities Inc. and JPMorgan Chase Bank are joint physical bookrunners on the U.S. term loan, and HSBC is a joint bookrunner. HSBC, Deutsche Bank and JPMorgan are joint physical bookrunners on the euro term loan. Mandated lead arrangers on the loans are Citigroup Global Markets Inc., DBS, Goldman Sachs, Morgan Stanley Senior Funding Inc., Standard Chartered, BofA Securities Inc. and E. Sun. HSBC is the administrative agent.

The euro term loan has a 0% floor and no amortization, the U.S. term loan has a 0.5% floor and amortization of 1% per annum, and both term loans have 101 soft call protection for six months, the source said.

Spread and original issue discount talk are not yet available, but there will be no margin step-downs in either term loan.

Commitments for the U.S. term loan are due at 5 p.m. ET on Jan. 25, and commitments for the euro term loan are due at noon ET on Jan. 25, the source added.

Proceeds will be used to extend and refinance the company’s existing U.S. and euro first-lien term loans due September 2024.

BPEA EQT and CPP Investments are the sponsors.

Nord Anglia is a London-based K-12 schools platform.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.