Fitch assigns Global University debt B+

Fitch Ratings said it assigned Global University Systems Holding BV’s planned €980 million senior secured debt issue an expected rating of B+ with a recovery rating of RR3. The debt will be sold by Markermeer Finance BV. Fitch has also affirmed Global’s long-term issuer default rating at B with a stable outlook.

Markermeer is the issuing vehicle for Global’s restricted group. Markermeer’s planned euro-tranche term loan B is guaranteed by Global and so has the same expected B+/RR3 senior secured rating as its guarantor. The new senior secured debt will be used to refinance Markermeer’s existing multi-tranche £800 million (equivalent) term loan and distribute £100 million to shareholders.

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