Colibri Group lines up $645M term loan for refinancing, M&A

Colibri Group is preparing to launch a $645 million first-lien term loan that will be used to refinance debt and fund acquisitions, according to sources. A lender call is scheduled for 3 p.m. ET on Feb. 22.

The new first-lien term loan will have a seven-year maturity and will include six months of 101 soft call protection. McKissock Investment Holdings LLC is the borrower.

Jefferies, Macquarie, Capital One, Golub Capital and SMBC are joint lead arrangers on the deal.

Proceeds from the deal, together with a privately placed $180 million second-lien term loan and $100 million of new equity, will be used to refinance the company's existing debt and fund the acquisitions of Becker Professional Education and OnCourse Learning from Adtalem Global Education, which were announced in January.

As for existing debt, Colibri has a covenant-lite first-lien term loan due June 2028 (L+500, 0.75% Libor floor) that totaled $405 million following an add-on in August 2021.

Colibri Group, backed by Gridiron Capital, is a provider of career lifecycle management for mandatory professional education solutions across five core end markets, including financial and accounting services; real estate; healthcare; valuation and property services; and teaching.