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TES Finance to redeem all 6¾% notes, floating-rate notes on Feb. 1
By Sarah Lizee
Olympia, Wash., Dec. 28 – TES Finance plc, the parent of TSL Education Group Ltd., said it exercised its right to redeem all of its £200 million 6¾% notes due 2020 and £100 million senior secured floating-rate notes due 2020, according to a notice.
The notes will be redeemed at par plus accrued interest to the redemption date of Feb. 1.
The redemption is conditioned on the completion of the sale of the entire issued share capital of TES Global Group Ltd., an indirect parent of the issuer and the direct parent of the company, to an affiliate of Providence Equity Partners in accordance with the provisions of a share purchase agreement between TES Global Holdings Direct Ltd. and that affiliate of Providence Equity Partners.
The London-based education services provider plans to use the proceeds to refinance debt, to fund repayment of shareholder loans and to finance the acquisition of Vision for Education Ltd.
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