Nord Anglia launches $906 million, €1.52 billion term loans

By Sara Rosenberg

New York, Sept. 14 – Nord Anglia Education (Fugue Finance) launched on Thursday morning a $906 million term loan B due January 2028 and a €1.515 billion term loan B due January 2028, according to a market source.

Price talk on the U.S. term loan is SOFR plus 400 basis points with a 0.5% floor and an original issue discount of 99.75 to par, and talk on the euro term loan is Euribor plus 450 bps with a 0% floor and a discount of 99.75 to par, the source said.

The term loans have 101 soft call protection for six months.

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

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

Proceeds will be used to reprice an existing U.S. term loan due January 2028 down from SOFR plus 450 bps with a 0.5% floor and an existing euro term loan due January 2028 down from Euribor plus 475 bps with a 0% floor.

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.