Knowledge Universe to launch $340 million credit facility on Thursday

By Sara Rosenberg

New York, Feb. 25 - Knowledge Universe Education LLC is scheduled to hold a bank meeting at 10 a.m. ET in New York on Thursday to launch a $340 million credit facility, according to a market source.

Deutsche Bank Securities Inc., BNP Paribas Securities Corp. and BMO Capital Markets are the bookrunners on the deal.

The facility consists of a $70 million five-year revolver and a $270 million seven-year term loan B, the source said.

Amortization on the term loan B is 1% per annum, and the tranche includes a maximum total leverage covenant.

Proceeds will be used to refinance existing debt.

Knowledge Universe is a Singapore-based provider of early childhood and teacher education.

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