Nord Anglia launches $600 million term loan at SOFR plus 375-400 bps

By Sara Rosenberg

New York, Feb. 6 – Nord Anglia Education (Fugue Finance LLC) launched on Tuesday morning a $600 million seven-year covenant-lite term loan B that is talked at SOFR plus 375 basis points to 400 bps with a 0.5% floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Deutsche Bank Securities Inc. and JPMorgan Chase Bank are joint physical bookrunners on the deal, and HSBC Securities is a passive bookrunner. BofA Securities Inc., Citigroup Global Markets Inc., DBS, E. Sun, Goldman Sachs, Morgan Stanley Senior Funding Inc. and others to be announced are joint lead arrangers and joint bookrunners. HSBC is the administrative agent.

Commitments are due at 5 p.m. ET on Monday, the source added.

Proceeds will be used to repay some revolving credit loans, and for working capital and general corporate purposes, including the repayment of second-lien debt due September 2028.

BPEA EQT and CPP Investments are the sponsors.

Nord Anglia is a London-based K-12 schools platform.

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