Byju’s and ad hoc team of term loan lenders agree to amend loan

Chicago, July 24 – Byju’s (Think & Learn Private Ltd.) reached an agreement with the steering committee of an ad hoc group of term loan lenders to amend the company’s $1.2 billion term loan by Aug. 3, according to a press release.

The ad hoc group owns more than 85% of the term loan.

The amendment will cancel the loan’s acceleration and end all open litigation. Further, it will avoid further enforcement actions.

Houlihan Lokey serves as financial adviser to the term loan lender group, and Kirkland & Ellis LLP, Cahill Gordon & Reindel LLP, and Shearman & Sterling LLP are serving as legal advisers.

Byju’s is an India-based educational technology company.

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