HONG KONG, Feb. 13, 2015 /PRNewswire/ -- Nord Anglia Education, Inc. (NYSE: NORD), the world's leading operator of premium schools, is pleased to announce that it has signed an agreement for the British International Schools Group, Vietnam to join its network of schools.
The British International Schools Group, Vietnam ("BIS Vietnam") comprises four premium schools with world class facilities, two in Ho Chi Minh City and two in Hanoi, including the flagship school, the British International School, Ho Chi Minh City, founded in 2000. The other three schools are the British Vietnamese International School, Ho Chi Minh City, the British International School, Hanoi, and the British Vietnamese International School, Hanoi, which were founded in 2011, 2012 and 2013, respectively.
BIS Vietnam provides an outstanding education to local and expatriate students between the ages of two and 18 years old. The two British International Schools offer the English National Curriculum and the International Baccalaureate, while the two British Vietnamese International Schools offer a bilingual curriculum centred on the English National Curriculum. As of February 6, 2015, BIS Vietnam had 3,372 full time equivalent students and 7,650 seats of capacity.
In connection with the transaction and for general corporate purposes, Nord Anglia Education expects to incur US$125 million of incremental loans under its existing secured term loan facility. Nord Anglia Education's pro forma net leverage at November 30, 2014 including BIS Vietnam and the US$125 million incremental term loans would have been 3.6x Adjusted EBITDA.
Subject to the satisfaction of certain closing conditions, the transaction is expected to complete in early March 2015. Nord Anglia Education notes that there is no assurance that the closing conditions will be satisfied.
Andrew Fitzmaurice, CEO of Nord Anglia Education, commented, "We look forward to welcoming the students, parents and staff of the British International Schools Group, Vietnam into our family of schools. We believe this represents an exciting development for both Nord Anglia Education and BIS Vietnam and look forward to working with the schools' leadership team to build upon the schools' impressive progress providing families in Vietnam with access to world class international education."
Nord Anglia Education is the world's leading premium schools organization. The addition of BIS Vietnam will expand the group's global network to a total of 35 international schools, providing an outstanding education to over 23,600 students across 14 countries.
As part of Nord Anglia Education's global family of international schools, students and staff at BIS Vietnam will benefit from the support of world-leading educational experts and access to bespoke learning platforms. The Global Classroom connects students with their peers and selected experts around the world and features blended learning opportunities to support students in developing the knowledge, skills and behaviors to succeed anywhere in the world. Nord Anglia University is a vibrant professional development community which enables teachers to collaborate, innovate and enhance their expertise at the leading edge of educational thinking.
This press release includes statements that express our current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, "forward looking statements". These forward looking statements can generally be identified by the use of forward-looking terminology, including the terms "believe," "expect," "may," "will," "should," "seek," "project," "approximately," "intend," "plan," "estimate" or "anticipate," or, in each case, their negatives or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding our intentions, beliefs or current expectations concerning among other things, our future enrollments, acquisitions and strategies.
By their nature, forward-looking statements relate to events that involve risks and uncertainties or that depend on circumstances that may or may not occur in the future. We believe that these risks and uncertainties include, but are not limited to, those under "Risk Factors" in our most recent Annual Report on Form 20-F filed with the SEC.
Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from those made in or suggested by the forward-looking statements contained in this press release. Any forward-looking statement that we make in this press release speaks only as of the date of such statement, and we undertake no obligation to update any forward-looking statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.
About Nord Anglia Education, Inc.
Nord Anglia Education is the world's leading international operator of premium schools, serving students from kindergarten through the end of secondary school (K-12). We teach over 20,200 students at our 31 premium schools in China, Europe, the Middle East and Southeast Asia and North America. We primarily operate in geographic markets with high foreign direct investment, large expatriate populations and rising disposable income. We believe that these factors contribute to high demand for premium schools and strong growth in our business. Nord Anglia Education is headquartered in Hong Kong SAR, China. Our website is www.nordangliaeducation.com
For further information, please contact:
Corporate Finance and Investor Relations Director - Nord Anglia Education
Tel: +852 3951 1130
Email: [email protected]
Director, Investor Relations - Solebury Communications Group LLC
Tel: +1 203 428 3233
Email: [email protected]
Head of Brand – Nord Anglia Education
Tel: +852 3951 1144
Email: [email protected]
SOURCE Nord Anglia Education, Inc.