Global University talks €980 million term B at Euribor plus 375 bps

By Sara Rosenberg

New York, Jan. 8 – Global University Systems (Markermeer Finance BV) launched on Wednesday its €980 million secured covenant-lite term loan B due January 2027 with price talk of Euribor plus 375 basis points with a 0% floor and an original issue discount of 99.5, according to a market source.

Goldman Sachs International and HSBC Bank plc are the joint physical bookrunners on the deal. BofA Securities, Inc., BMO Capital Markets, Barclays, Citigroup Global Markets Inc. and Macquarie are the passive bookrunners.

Commitments are due on Jan. 22.

Proceeds will be used to refinance existing debt and pay a dividend that will be partly funded by cash on the balance sheet.

The company is also extending the maturity of its existing revolver and incorporating documentation changes to its credit agreement.

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

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