Cognita launches €1.16 billion term loan at Euribor plus 425-450 bps

By Sara Rosenberg

New York, Jan. 30 – Cognita (Lernen Bidco Ltd.) launched on Tuesday a €1.16 billion first-lien term loan B due April 2029 that is talked at Euribor plus 425 basis points to 450 bps with a 0% floor and an original issue discount of 99.75 to par, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

BofA Securities Inc. and Goldman Sachs are the joint physical bookrunners on the deal. Elavon Financial Services is the administrative agent.

Commitments are due at noon ET on Thursday, the source added.

Proceeds will be used to reprice an existing €1.16 billion term loan B due April 2029 down from Euribor plus 475 bps.

Jacobs Holding, Sofina and BDT/MSD are the sponsors.

Cognita is a London-based operator of private-pay K-12 schools.

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