Nord Anglia sets $600 million term loan B at SOFR plus 375 bps

By Sara Rosenberg

New York, Feb. 12 – Nord Anglia Education (Fugue Finance LLC) firmed pricing on its $600 million seven-year covenant-lite term loan B (B2/B) at SOFR plus 375 basis points, the low end of the SOFR plus 375 bps to 400 bps talk, according to a market source.

Also, the original issue discount on the term loan was revised to 99.75 from 99.5, the source said.

The term loan still has a 0.5% floor and 101 soft call protection for six months.

Deutsche Bank Securities Inc. and JPMorgan Chase Bank are joint physical bookrunners on the deal, and HSBC Securities is a passive bookrunner. BofA Securities Inc., Citigroup Global Markets Inc., DBS, E. Sun, Goldman Sachs, Morgan Stanley Senior Funding Inc. and others to be announced are joint lead arrangers and joint bookrunners. HSBC is the administrative agent.

Commitments continued to be due at 5 p.m. ET on Monday, the source added.

Allocations are expected on Tuesday morning.

Proceeds will be used to repay some revolving credit loans, and for working capital and general corporate purposes, including the repayment of second-lien debt due September 2028.

BPEA EQT and CPP Investments are the sponsors.

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

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