TES Finance in Offering and Revolving Facility Agreement

October 29, 2014

Cleary Gottlieb represented TES Finance in its debut bond offering of 6.75% Senior Secured Notes due 2020, £100 million Senior Secured Floating Rate Notes due 2020 and entry into a £20 million Revolving Credit Facility Agreement. The offering, which closed on July 17, was managed by Goldman Sachs, Jefferies and TPG Capital BD while the Revolving Credit Facility Agreement was arranged by Goldman Sachs and Jefferies. The proceeds of the notes offering were used to repay an existing £250 million senior facilities agreement, make a distribution to shareholders and to fund the cash purchase price of a recent acquisition.

TES Global is a leading digital platform for teachers providing highly liquid marketplaces for teaching professionals’ recruitment and resource sharing. Cleary Gottlieb had advised TPG on the acquisition and financing of the TES Group in 2013.