Laureate Education pulls $1.595 billion credit facility from market

By Sara Rosenberg

New York, March 18 - Laureate Education Inc. withdrew its $1.595 billion senior secured credit facility (B1/B) due to market conditions, according to an informed source.

The facility consisted of a $300 million five-year revolver and a $1.295 billion seven-year term loan B.

Price talk on the term loan B had been Libor plus 325 basis points to 350 bps with a 1.25% Libor floor and an original issue discount of 991/2.

Citigroup Global Markets Inc., Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., J.P. Morgan Securities LLC and KKR Capital Markets were leading the deal.

Proceeds were going to be used to refinance all of the company's bank debt, including a $280 million term loan priced at Libor plus 500 bps with a 2% Libor floor and a $675 million term loan priced at Libor plus 325 bps.

Laureate is a Baltimore-based provider of higher educational services.

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