Nord Anglia firms $906 million term loan B at par issue price

By Sara Rosenberg

New York, Sept. 21 – Nord Anglia Education (Fugue Finance) finalized the issue price on its $906 million term loan B due January 2028 at par, the tight end of the 99.75 to par talk, according to a market source.

Also, pricing on the company’s €1.515 billion term loan B due January 2028 firmed at Euribor plus 425 basis points, the low end of revised talk of Euribor plus 425 bps to 450 bps and down from initial talk of Euribor plus 450 bps, the source said.

The U.S. term loan is still priced at SOFR plus 400 bps with a 0.5% floor, the euro term loan still has a 0% floor and a par issue price, and both term loans still have 101 soft call protection for six months.

Previously in syndication, the issue price on the euro term loan was set at the tight end of the 99.75 to par talk.

Deutsche Bank Securities Inc. and JPMorgan Chase Bank are joint physical bookrunners on the U.S. loan, and HSBC Bank 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.

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.

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