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Adtalem plans $2.05 billion of debt financing for Walden purchase
By Sara Rosenberg
New York, Sept. 11 – Adtalem has received a commitment for $2.05 billion of debt financing to help fund its acquisition of Walden University from Laureate Education Inc., according to a company presentation.
The debt consists of a $400 million revolver and $1.65 billion of first-lien term loan B/senior secured notes.
Morgan Stanley Senior Funding Inc. is leading the debt.
Other funds for the $1.48 billion acquisition will come from cash on the balance sheet.
Closing is expected in the first quarter of fiscal year 2022, subject to regulatory approvals and other customary conditions.
Net leverage is expected to be 2.8x, and total gross leverage is expected to be 3.6x. The company believes it will be able to delever to under 2x within 24 months of close.
Adtalem is a Chicago-based workforce solutions provider. Walden University is an online health care education provider.
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