Colibri Group first-lien term loan frees to trade, bid in line with OID

By Sara Rosenberg

New York, March 4 – Colibri Group’s (McKissock Investment Holdings LLC) $670 million seven-year first-lien term loan (B2/B-) first-lien term loan made its way into the secondary market on Friday, with levels quoted at 99 bid, a market source remarked.

Pricing on the first-lien term loan is SOFR+CSA plus 500 basis points with a 0.75% floor and it was sold at an original issue discount of 99. The debt has 101 soft call protection for six months and CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

During syndication, the first-lien term loan was upsized from $645 million and pricing firmed from talk in the SOFR+CSA plus 500 bps area.

The company’s $900 million of credit facilities also include a $50 million five-year revolver and a $180 million privately placed second-lien term loan.

Colibri lead banks

Jefferies LLC, Macquarie Capital (USA) Inc., Capital One, Golub and SMBC are leading Colibri’s credit facilities.

Proceeds will be used with $100 million of new equity to refinance existing debt, to fund the acquisitions of Becker Professional Education and OnCourse Learning from Adtalem Global Education, and, due to the recent first-lien term loan upsizing, to add cash to the balance sheet.

Colibri, backed by Gridiron Capital LLC, is a St. Louis-based provider of career lifecycle management for mandatory professional education solutions. Becker is a provider of accounting continuing professional education and test prep. OnCourse is a provider of professional education to financial institutions.

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