Key Takeaways
- • Omnes Education, the French higher-education provider owned by private equity firm Cinven, is seeking to refinance approximately €700m of debt, according to Bloomberg citing an unnamed person familiar with the matter.
- • The majority of the group's bank borrowings mature in April 2028, while holding company Educin Topco has €216m of convertible bonds maturing in April 2029.
- • Omnes generates around €95m in annual EBITDA, per the same source, which frames its refinancing capacity.
- • Existing lenders include Goldman Sachs, PSP Investments, M&G and Clearlake Credit; lenders, Cinven and Omnes declined or did not respond to comment requests.
- • The move comes as Cinven navigates mounting pressure on France's education sector, a factor the report links to the refinancing effort.
Summary
French higher-education provider Omnes Education is seeking to refinance approximately €700m of debt, as its private equity owner Cinven contends with mounting pressure on the country's education sector, according to a report by Bloomberg citing an unnamed person familiar with the matter. The report did not specify the terms or timing of any refinancing transaction.
The majority of the group's bank borrowings are due to mature in April 2028. Its holding company, Educin Topco, also has €216m of convertible bonds maturing in April 2029. The source said Omnes generates around €95m in annual earnings before interest, taxes, depreciation and amortisation, a figure that indicates the scale of earnings supporting the debt load relative to its maturity profile.
Existing lenders include Goldman Sachs, PSP Investments, M&G and Clearlake Credit. Representatives for the lenders and Cinven reportedly declined to comment, and Omnes did not respond to a request for comment.
Cinven invested in Omnes in 2019. Founded in France in 1975, the education group operates campuses and training centres across France and internationally, with approximately 40,000 students enrolled annually, according to its website.
The majority of the group's bank borrowings are due to mature in April 2028. Its holding company, Educin Topco, also has €216m of convertible bonds maturing in April 2029. The source said Omnes generates around €95m in annual earnings before interest, taxes, depreciation and amortisation, a figure that indicates the scale of earnings supporting the debt load relative to its maturity profile.
Existing lenders include Goldman Sachs, PSP Investments, M&G and Clearlake Credit. Representatives for the lenders and Cinven reportedly declined to comment, and Omnes did not respond to a request for comment.
Cinven invested in Omnes in 2019. Founded in France in 1975, the education group operates campuses and training centres across France and internationally, with approximately 40,000 students enrolled annually, according to its website.
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