Nord Anglia sets U.S., euro term loans at SOFR/Euribor plus 475 bps

By Sara Rosenberg

New York, Jan. 23 – Nord Anglia Education (Fugue Finance) firmed pricing on its $500 million term loan B due January 2028 (B1/B) and up to $1.4 billion equivalent euro term loan B due January 2028 (B1/B) at SOFR/Euribor plus 475 basis points, the low end of the SOFR/Euribor plus 475 bps to 500 bps talk, according to a market source.

Also, the original issue discount on the U.S. term loan was tightened to 98 from 97 and the discount talk on the euro term loan was revised to a range of 97.5 to 98 from 97, the source said.

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

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 Tuesday, and commitments for the euro term loan are due at noon ET on Tuesday.

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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