Financial TransactionNordAnglia Education PLC30 June 2006 Nord Anglia Education plc ('Nord Anglia or the Company') Nord Anglia Education, the International and UK operator of education facilities and support services, announces a £12.5m sale and leaseback transaction. Nord Anglia has reached agreement with PINE Unit Trust ('PINE') for the sale of five Nursery Division freehold and two long leasehold properties for a consideration of £12.5 million, to be paid in cash, in full, upon completion (the 'Transaction'). Nord Anglia will continue to operate the nursery businesses at these properties and simultaneous with the sale, the Company will enter into 25-year leases with PINE in respect of the properties. The proceeds of the Transaction will be used primarily to pay down bank debt of £10.0 million upon completion of the Transaction, approximately six months earlier than originally scheduled. The balance of the net proceeds will be used for general corporate purposes. The commercial terms of the leases are in line with current market rates. The book value of the properties being sold is £12.8m. The Board and its advisers reviewed alternative methods of improving the Company's balance sheet and concluded that this deal was the most appropriate. The financial structure of the company is now no longer subject to any special conditions. Chief Executive Andrew Fitzmaurice commented: 'We looked long and hard at the best way to meet the Group's debt repayment obligations. I am pleased that we have found a deal which achieves this without diluting the Group's opportunities going forward. The management team is excited by the scale of the opportunities open to the Group and will continue to focus on the task of delivering strong profit growth.' 30 June 2006 ENQUIRIES: Nord Anglia Education plc 01283 510444 Andrew Fitzmaurice, Chief Executive Stephen Hyde, Finance Director College Hill 020 7457 2020 Gareth David Anthony Parker |
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