Laureate Education gets $120 million 364-day credit facility

By Sara Rosenberg

New York, Oct. 31 - Laureate Education Inc. closed on a new $120 million 364-day credit facility, according to an 8-K filed with the Securities and Exchange Commission Monday.

Bank of America acted as the lead bank on the deal.

The facility consists of a $90 million tranche A and a $30 million tranche B that has a $20 million sublimit for standby letters of credit.

The A tranche carries an interest rate of Libor plus 175 basis points and the B tranche carries an interest rate of Libor plus 150 bps.

The facility, which closed on Oct. 26, has a material covenant, which states that 2.5 times consolidated EBITDA may be borrowed as long as it does not exceed net debt.

Laureate Education is a Baltimore-based provider of higher education to students through a global network of campus-based and online universities and other higher education institutions.

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