By Paul A. Harris
Portland, Ore., Sept. 30 – Global University Systems BV priced a £77.3 million add-on to the Lake Bridge International plc 8% senior secured notes due July 23, 2020 (B3/B+) at 97 on Friday, according to a market source.
The reoffer price came on top of price talk.
Goldman Sachs ran the books.
The Amsterdam-based private higher education provider plans to use the proceeds to fund its 2016 acquisitions, including Arden University Ltd. and I.B.A.T. Ltd, and to repay amounts drawn under its bridge facility.
| Issuer: | Lake Bridge International plc
|
| Amount: | £77.3 million
|
| Maturity: | July 23, 2020
|
| Security description: | Add-on to 8% senior secured notes due July 23, 2020
|
| Bookrunner: | Goldman Sachs
|
| Coupon: | 8%
|
| Price: | 97
|
| Spread: | 881 bps
|
| First call: | Jan. 23, 2018 at 102
|
| Trade date: | Sept. 30
|
| Settlement date: | Oct. 7
|
| Ratings: | Moody's: B3
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 97
|
| Marketing: | Roadshow
|
| Original issue: | £234 million issue priced at 96.044 in July 2015
|
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