Nord Anglia sets talk on $1.9 billion equivalent of term loans

By Sara Rosenberg

New York, Jan. 13 – Nord Anglia Education (Fugue Finance) released price talk on its $500 million term loan B due January 2028 and up to $1.4 billion equivalent euro term loan B due January 2028 with its lender call on Friday, according to a market source.

The U.S. term loan is talked at SOFR plus 475 basis points to 500 bps with a 0.5% floor and an original issue discount of 97, and the euro term loan is talked at Euribor plus 475 bps to 500 bps with a 0% floor and a discount of 97, the source said.

The U.S. term loan has amortization of 1% per annum, the euro term loan has no amortization, and both term loans have 101 soft call protection for six months and no margin step-downs.

On Friday, S&P Global Ratings raised the company’s issuer rating to B from B-.

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.

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.

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.

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