French higher-education provider Omnes Education is seeking to refinance approximately €700m of debt, according to Private Equity Wire. The refinancing effort comes as its private equity owner Cinven navigates mounting pressure on France’s education sector, according to Private Equity Wire, which reports Bloomberg cited an unnamed person familiar with the matter.
Debt maturities and capital structure
The majority of Omnes Education’s bank borrowings are due to mature in April 2028, according to Private Equity Wire. The group’s holding company, Educin Topco, also has €216m of convertible bonds maturing in April 2029, according to the same report.
Earnings and lender group
Omnes generates around €95m in annual earnings before interest, taxes, depreciation and amortisation, the source cited in the report said. Existing lenders include Goldman Sachs, PSP Investments, M&G and Clearlake Credit, according to Private Equity Wire.
Representatives for the lenders and Cinven reportedly declined to comment, while Omnes reportedly did not respond to a request for comment, according to the report.
Ownership and company footprint
Cinven invested in Omnes in 2019, according to Private Equity Wire. 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 as cited by Private Equity Wire.
As widely known context, refinancing typically involves replacing existing borrowings with new debt to extend maturities or adjust financing terms. Convertible bonds are widely known to be bonds that can be converted into equity under specified terms.
