French higher-education provider Omnes Education is seeking to refinance approximately €700m of debt, as its private equity owner Cinven navigates mounting pressure on the country’s education sector, according to a a report by Bloomberg citing an unnamed person familiar with the matter.
The majority of the group’s bank borrowings are due to mature in April 2028, while its holding company, Educin Topco, also has €216m of convertible bonds maturing in April 2029. Omnes generates around €95m in annual earnings before interest, taxes, depreciation and amortisation, the source said.
Existing lenders include Goldman Sachs, PSP Investments, M&G and Clearlake Credit. Representatives for the lenders and Cinven reportedly declined to comment, while Omnes reportedly did not respond to a request for comment.
Cinven invested in Omnes in 2019. 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.
