IU Group launches €500M refinancing and recap term loan

IU Group NV is out to market with a €500 million term loan B to refinance debt and fund a distribution to shareholders. The new December 2028 facility will be covenant-lite and will carry six months of 101 soft call protection.

J.P. Morgan is sole bookrunner on the transaction, and a lender presentation has been scheduled for Nov. 16 at 10 a.m. London time. Commitments are due Nov. 30.

The new term loan comes alongside a €50 million multicurrency revolving credit facility maturing June 2028.

IU Group, which will issue the new debt under borrower name IU Finance Management GmbH, is the largest education technology business in Europe and the largest university in Germany, serving roughly 87,000 students and 10,000 corporate clients. The company was formerly known as Career Partner Group, and under that name Oakley Capital acquired a majority stake from Apollo Education Group in 2017, backed by a unitranche facility from BlueBay.