Shearman & Sterling represented Goldman Sachs International, Barclays Bank PLC, Mizuho International plc and National Australia Bank Limited, as initial purchasers, in the offering of £205 million of 8.875% Senior Secured Notes issued by EDU UK BondCo PLC and guaranteed by EDU UK Intermediate Limited (“Study Group”) and certain of its subsidiaries. The proceeds of the offering will mainly be used to refinance existing indebtedness and partially repay Study Group’s shareholders.

The firm also advised affiliates of the initial purchasers in connection with Study Group’s multi-currency revolving credit facility.

Study Group is a leading international provider of preparatory programs for higher education degrees, career education programs and English language programs in the United Kingdom and continental Europe, Australia and New Zealand, and North America. Study Group delivers its programs to more than 50,000 international students from more than 145 countries each year. Study Group is an indirect subsidiary of private equity firm Providence Equity Partners.

The Shearman & Sterling team of lawyers in the firm’s London, New York and Washington DC offices included capital markets partner Apostolos Gkoutzinis and associates Marwa Elborai, Randy Nahle, Lulu Zhou and Yuki Chan; finance partner Peter Hayes, counsel Gabrielle Wong, associates Chris White, Korey Fevzi, Monsiree Jirasarunya, Philip Stopford, Rory Milligan, Camilla Hunter and Amy Watt and trainee solicitor Michèle Smith; and tax partners Kristen Garry and Iain Scoon and associates Melissa Henkel, Mary Jo Lang and Jack Prytherch. Capital markets associates Joji Ozawa, Kara Major, Dora Athanasiadou and Ana Stefanovic Grbec also provided assistance on this transaction.