IU Group revises pricing, docs for €500M recap term loan

IU Group NV has revised terms on its €500 million term loan recapitalization to E+500 with a 0% floor offered at 98 ahead of a recommitment deadline of noon today London time. J.P. Morgan is sole bookrunner.

The deal now includes 12 months of soft call protection at 101, versus six months originally.

The updated pricing comes with some documentation changes and compares with guidance given at launch of E+450 with a 0% floor offered at 99.5. Replies were due by 4 p.m. London time Nov. 30, and final terms suggest a yield of 5.47% to the December 2028 maturity. Initial talk suggested a yield of 4.67%.

The proceeds will refinance debt and support a dividend for the Oakley Capital-led shareholder group.

Ratings on the covenant-lite deal are private. A €50 million multicurrency revolver maturing June 2028 rounds out the debt.

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.