Cognita wraps acquisition package subbing second lien for bonds

By Owen Sanderson
18 Feb 2019

Jacob Holdings’ acquisition financing for emerging markets schools group Cognita has been wrapped up, with the planned unsecured high yield issue marketed in November stripped out and replaced with a €225m second lien loan.

Jacobs Holding bought Cognita in October 2018 from KKR and Bregal Investments, alongside minority shareholders BDT Capital and Sofina, both family office investment companies.

The acquisition debt was set to include a bond, issued through Lernen Bondco, but deteriorating market conditions at the end of 2018 led to ...

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