Global University widens pricing from talk, shifts funds among loans

New York, Jan. 25 – Global University Systems (GUS Finco II) widened pricing on the euro and dollar tranches of its planned new credit facility and shifted funds between the tranches, according to a market source.

The seven-year euro term loan B was increased to €340 million from the launch size of €300 million and pricing was eased to Euribor plus 475 basis points versus initial price thoughts of Euribor plus 425 bps.

Left unchanged were the price of 99.5 and the 0% floor for Euribor.

The seven-year dollar term B was downsized to $100 million from $150 million at launch and pricing was similarly widened out to Libor plus 475 bps from Libor plus 425 bps originally.

Again the price of 99.5 and the 0% floor, in this case for Libor, were left unchanged.

Global University made no changes to its £150 million seven-year term B, which continues to be priced at Libor plus 450 points with a 0% Libor floor.

Commitments are now due by 7 a.m. ET on Jan. 26, pushed back from Jan. 24.

The facility also includes a £75 million six-year revolver talked at Libor plus 375 bps with a 0% Libor floor.

HSBC is the global coordinator on the deal (B3/B/BB-), and Bank of America Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs and BMO Capital Markets are bookrunners and mandated lead arrangers.

Proceeds will be used to refinance existing debt, including the Lake Bridge International plc senior secured notes due 2020, and to fund an acquisition.

Global University Systems is an Amsterdam-based private higher education provider.

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