Nord Anglia lifts term loan to $300 million, changes OID to 99.5

By Sara Rosenberg

New York, June 22 – Nord Anglia Education (Fugue Finance LLC) upsized its fungible add-on term loan B due January 2028 to $300 million from $250 million and tightened the original issue discount to 99.5 from talk in the range of 98.75 to 99, according to a market source.

Pricing on the add-on term loan is SOFR plus 450 basis points with a 0.5% floor, in line with pricing on the company’s existing $608 million term loan B due January 2028.

Deutsche Bank Securities Inc. and JPMorgan Chase Bank are joint physical bookrunners on the deal, and HSBC is a passive bookrunner. Citigroup Global Markets Inc., DBS, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., Standard Chartered, BofA Securities Inc. and E. Sun are joint bookrunners. HSBC is the administrative agent. JPMorgan is the fronting bank.

Recommitments are due at 10 a.m. ET on Friday, with allocations expected thereafter, the source added.

Proceeds will be used to repay revolving credit facility borrowings and for general corporate purposes, including acquisitions.

BPEA EQT and CPP Investments are the sponsors.

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

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