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Nord Anglia changes euro term loan talk to Euribor plus 425-450 bps
By Sara Rosenberg
New York, Sept. 20 – Nord Anglia Education (Fugue Finance) revised price talk on its €1.515 billion term loan B due January 2028 to a range of Euribor plus 425 basis points to 450 bps from just Euribor plus 450 bps, according to a market source.
Also, the issue price on the euro term loan firmed at par, the tight end of the 99.75 to par talk, the source said.
The euro term loan still has a 0% floor.
The company is also getting a $906 million term loan B due January 2028 talked at SOFR plus 400 bps with a 0.5% floor and an original issue discount of 99.75 to par.
The U.S. term loan is “on track” to price at par, the tight end of the issue price talk, the source continued.
Both term loans have 101 soft call protection for six months.
HSBC Bank, Deutsche Bank Securities Inc. and JPMorgan Chase Bank are joint physical bookrunners on the euro loan. Deutsche Bank and JPMorgan are joint physical bookrunners on the U.S. loan, and HSBC is a passive bookrunner. Citigroup Global Markets Inc., DBS, Goldman Sachs, Morgan Stanley Senior Funding Inc., Standard Chartered, BofA Securities Inc. and E. Sun are mandated lead arrangers. HSBC is the administrative agent.
Commitments continue to be due at noon ET on Wednesday for the euro term loan and at 5 p.m. ET on Wednesday for the U.S. term loan, the source added.
Allocations are expected on Thursday.
Proceeds will be used to reprice an existing U.S. term loan due January 2028 down from SOFR plus 450 bps with a 0.5% floor and an existing euro term loan due January 2028 down from Euribor plus 475 bps with a 0% floor.
BPEA EQT and CPP Investments are the sponsors.
Nord Anglia is a London-based K-12 schools platform.
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