Global University Systems revises talk in upsized €1 billion loan

By Paul A. Harris

Portland, Ore., Jan. 22 – Global University Systems (Markermeer Finance BV) upsized its secured covenant-lite term loan B due January 2027 to €1 billion from €980 million and tightened the price talk, according to a market source.

New talk cuts the spread to Euribor to 350 basis points from 375 bps and hikes the price to 99.875 from 99.5.

Order reconfirmations are due at noon ET on Thursday, and the deal is set to allocate thereafter.

Goldman Sachs International and HSBC Bank plc are the joint physical bookrunners on the deal. BofA Securities, Inc., BMO Capital Markets, Barclays, Citigroup Global Markets Inc. and Macquarie are the passive bookrunners.

Proceeds, including the incremental proceeds resulting from the €20 million upsizing of the loan, will be used to refinance existing debt and pay a dividend that will be partly funded by cash on the balance sheet.

The company is also extending the maturity of its existing revolver and incorporating documentation changes to its credit agreement.

Global University Systems is an Amsterdam-based private higher education provider.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.