Adtalem talks $650 million seven-year senior secured notes at 5˝%; pricing Friday

By Paul A. Harris

Portland, Ore., Feb. 11 – Adtalem Global Education Inc. talked its $650 million offering of seven-year senior secured notes (B1/BB-) to yield 5˝%, according to a syndicate source.

Books close at 11 a.m. ET on Friday, and the Rule 144A and Regulation S for life notes are set to price thereafter.

Lead left bookrunner Morgan Stanley & Co. LLC will bill and deliver. Barclays, Credit Suisse Securities (USA) LLC, MUFG and Fifth Third Securities Inc. are the joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon.

The issuing entity will be Adtalem Escrow Corp., which is to be merged with and into Adtalem Global Education.

The Chicago-based workforce solutions provider plans to use the proceeds to help fund its acquisition of Walden University from Laureate Education Inc. for $1.48 billion and to refinance Adtalem’s existing debt.

Timing Books close at 11AM ET tomorrow (2/12), pricing tomorrow.

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