Moody’s rates loan B2, ups Global University

Moody’s Investors Service said it assigned a B2 instrument rating to the €980 million senior secured term loan B due 2027 and pari passu ranking £120 million revolving credit facility due 2026 borrowed by Markermeer Finance BV, a wholly owned subsidiary of Global University Systems Holding BV. Concurrently, the agency upgraded Global’s corporate family rating and the probability of default rating to B2 from B3 and to B2-PD from B3-PD respectively.

The term loan proceeds will be used to repay debt and pay a £100 million dividend distribution.

The rating upgrade reflects Global’s positive trading performance over the last 12-18 months on the back of sound volume growth driven by continued high demand for private education in all core markets, as well as positive contribution from recent acquisitions, while maintaining high margins.

The agency changed the outlook to stable from positive.

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