INVESTOR RELATIONS

 

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AMSTERDAM, 5 January 2018 – Global University Systems Holding BV (“GUS”) today announces to have secured new GBP 605 million equivalent credit facilities from HSBC, Bank of America Merrill Lynch, Citigroup, Goldman Sachs and BMO Capital Markets. The financing consists of a GBP 530 million equivalent senior secured loan facilities and a GBP 75 million multi-currency RCF. The proceeds of the financing will be used to redeem in full the Lake Bridge International Plc Senior Secured Notes due 2020, on 23 January 2018, including payment of the call premium and accrued interest; such amounts are held in escrow pending the repayment date. In addition, c. GBP 90 million equivalent of the proceeds are placed in escrow pending the signing of an acquisition to be announced imminently. 

GUS is Europe’s largest provider of private higher education, with some 50,000 students across multiple institutions in the UK, Ireland, Canada, Germany, Singapore and Israel providing career-focussed education and training in multiple disciplines. The group’s institutions include the University of Law, the UK’s preeminent professional legal training provider and Europe’s largest law school, Arden University and University Canada West, amongst others. For the year ended 30 November 2017, management expects group revenues to be approximately 262 million GBP with management Adjusted EBITDA of approximately 90 million GBP, subject to any audit adjustments.

Note: The above statement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of Global University Systems B.V. (“GUS”) or any subsidiary, affiliate or special purpose finance vehicle thereof, nor should these materials or any part of them form the basis of, or be relied on in connection with, any purchase, sale or subscription for any securities of GUS, or any subsidiary, affiliate or special purpose finance vehicle thereof, or be relied on in connection with any contract, investment decision or commitment whatsoever. Statements herein regarding future events or prospects are forward-looking statements, including forward-looking statements regarding the business and earnings performance of GUS, and are based on management’s current plans, estimates, forecasts and expectations. These statements are subject to a number of assumptions and entail known and unknown risks and uncertainties, as there are a variety of factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. Although GUS believes that the estimates and projections reflected in the forward-looking statements are reasonable, they may prove materially incorrect, and actual results may materially differ. As a result, you should not rely on these forward-looking statements. GUS undertakes no obligation to update or revise any forward-looking statements in the future or to adjust them in line with future events or developments, except to the extent required by law. Certain statements above refer to EBITDA and/or management Adjusted EBITDA. EBITDA and Adjusted EBITDA are measurements which are neither required by, nor presented in accordance with, IFRS or GAAP. Management Adjusted EBITDA represents management’s calculation of /profit before tax, adjusted to exclude the effects of, as relevant, finance costs, finance income, excess of the share of the value of net assets acquired over the cost of acquisition, (expenses)/income due to changes in value of financial asset at fair value through profit or loss, depreciation and amortization, and professional advisory fees.

GUS is reviewing its capital structure including an ongoing evaluation of a range of possible equity funding structures. This includes but is not limited to a private equity raise