Norton Rose Fulbright has advised the Cognita group on a $340m refinancing and high bond yield. This consists of an issuance of £280m high yield bonds listed on the Euro-MTF market of the Luxembourg Stock Exchange and a £60m super senior revolving credit facility.

Cognita is a worldwide group of schools, currently encompassing 66 schools in Europe, Latin America and South-East Asia. It employs 4,600 teaching and support staff in the care and education of 30,000 pupils.

The funds raised will be used for the refinancing of existing group debt in the UK, Spain, Thailand, Vietnam and Singapore, through downstream capitalisations and shareholder loans.

The initial purchasers are KKR Capital Markets Limited, Morgan Stanley & Co International plc, Barclays Bank plc, HSBC Bank plc and Commerzbank Aktiengesellschaft. The arrangers to the RCF are Morgan Stanley Bank International Limited, Barclays Bank plc, Commerzbank AG, London Branch and HSBC Bank plc.

The transaction involved lawyers in Norton Rose Fulbright’s Singapore, London and Bangkok offices. The team was led by Singapore partner Sheela Moorthy, with support in Singapore from Yu-En Ong, Janelene Chen, Tan Jit Wei, Dexter Tan, Victor Katheyas, and Peng Ser in the corporate and banking teams.

Bangkok partner Tassanai Kiratisountorn advised on Thai corporate and banking matters, assisted by Rittichai Ngodngam, Chormas Premsirinirund, Tipapa Limvichai, Niracha Sanguankeo, and Teerapat Pratyaratanawoot. London partners Angela Savin and Matthew Hodkin advised on UK tax issues, assisted by Julia Lloyd;

The initial transaction closing and the bonds were listed on 7 August 2015. There are two further staggered closings occurring within the next 80 days.