Knowledge Universe talks $270 million term B at Libor plus 425-450 bps

By Sara Rosenberg

New York, Feb. 27 - Knowledge Universe Education LLC launched on Thursday its $270 million seven-year term loan B with price talk of Libor plus 425 basis points to 450 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, amortization of 1% per annum and a maximum total leverage covenant.

The company's $340 million credit facility (B) also includes a $70 million five-year revolver.

Commitments are due on March 13, the source added.

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

Proceeds will be used to refinance existing debt.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.