Moody’s rates Fugue loan B2

Moody’s Investors Service said it assigned a B2 instrument rating to the planned $600 million non-fungible senior secured first-lien term loan B due 2031 to be issued by Fugue Finance LLC. The agency also downgraded to B2 from B1 the instrument ratings of the first-lien facilities, including the €1.515 billion senior secured first-lien term loan B due 2028 issued by Fugue Finance BV, the $900 million senior secured first-lien term loan B due 2028 issued by Fugue Finance and the $545 million senior secured first-lien multicurrency revolving credit facility due 2027 co-borrowed by both Fugues.

Concurrently, Moody’s said it affirmed their parent Nord Anglia Education, Inc.’s B2 ratings.

The downgrade to the group's first-lien instruments reflects the expected full repayment of the about $200 million second-lien term loan, which effectively removes the subordinated debt cushion and leads to an alignment of the first-lien instrument ratings with the B2 corporate family rating, the agency said.

The outlook is stable.

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