Knowledge Universe to launch $925 million credit facility on Tuesday

By Sara Rosenberg

New York, July 24 – Knowledge Universe Education LLC is scheduled to hold a bank meeting at 10:30 a.m. ET in New York on Tuesday to launch a $925 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC, Barclays and BMO Capital Markets are leading the financing.

The facility consists of an $80 million revolver, a $645 million seven-year first-lien covenant-light term loan and a $200 million eight-year second-lien covenant-light term loan, the source said.

Both term loans have a 1% Libor floor.

Commitments are due on Aug. 11, the source added.

Proceeds will be used to help fund the buyout of the company by Partners Group.

Closing is expected later this year.

Knowledge Universe is a for-profit provider of early childhood education in the U.S. and the parent company of KinderCare Learning Centers, as well as the brands Children’s Creative Learning Centers and Champions.

© 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.