Thomson Learning Higher Education gets buyout financing commitment from five banks

By Sara Rosenberg

New York, May 11 - Thomson Learning Higher Education has received a debt financing commitment from five banks to help fund its buyout by Apax Partners and OMERS Capital Partners from The Thomson Corp., according to a company news release.

The five banks are The Royal Bank of Scotland, JPMorgan, Citigroup, UBS and The Royal Bank of Canada.

Apax and OMERS are purchasing the higher education, careers and library reference assets of Thomson Learning, and Nelson Canada, for a combined total value of $7.75 billion in cash.

The higher education, careers and library reference assets include Wadsworth, Delmar Learning, Gale, Heinle, Brooks/Cole and South-Western.

Nelson Canada, a leading provider of books and online resources for the educational market in Canada, will be majority-owned by OMERS.

The transaction is expected to close in the third quarter, subject to regulatory approvals and other customary closing conditions.

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