Colibri Group lifts first-lien term loan amount to $670 million

By Sara Rosenberg

New York, March 3 – Colibri Group (McKissock Investment Holdings LLC) upsized its seven-year first-lien term loan to $670 million from $645 million, according to a market source.

Pricing on the first-lien term loan firmed at SOFR+CSA plus 500 basis points, compared to talk in the 500 bps area, the source said.

The first-lien term loan still has a 0.75% floor, an original issue discount of 99, CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, and 101 soft call protection for six months.

The company’s now $900 million of credit facilities, up from $875 million, also include a $50 million five-year revolver and a $180 million privately placed second-lien term loan.

Jefferies LLC, Macquarie Capital (USA) Inc., Capital One, Golub and SMBC are the bookrunners on the deal.

Allocations are expected on Friday morning, the source added.

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 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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