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Deloitte helps GEMS Education secure AED 2bn debt facility
 

22 April, 2013 - Deloitte Corporate Finance Ltd (“Deloitte”) acted as financial advisers to GEMS Education Ltd (“GEMS” or the “Company”) on raising a AED 2bn (USD 545m) senior debt facility (the “Transaction”) as part of the Company's continuing investment in the education sector.

GEMS Education, founded in 1959 is the largest kindergarten to grade 12 education provider in the world employing 11,000 education professionals and educating over 130,000 students from over 150 nationalities across four continents. GEMS Education also works closely with governments to lift school performance and improve the standards and expertise of government schools across the globe. Additionally the Company's philanthropic arm, the Varkey GEMS Foundation was set up with an aim to impact 100 underprivileged children for every child enrolled in a GEMS school.

Founder and Chairman of GEMS Education, Sunny Varkey said, “I would like to thank the local banks for their continued support in our quest to meet the vision of the UAE Government in creating a world class education sector and a knowledge based economy.  Their support is a strong endorsement of the strength and resilience of the education sector and the economy more broadly.”

Deloitte coordinated a club of five banks and assisted in structuring a six year term facility with multiple Islamic and conventional tranches. Club banks included Abu Dhabi Islamic Bank, Dubai Islamic Bank, Mashreq Bank, Noor Islamic Bank and United Arab Bank. Hamid Khan, director, Deloitte Corporate Finance Advisory, said: “This is a landmark transaction and a testament to the strength and quality of the GEMS Education business. The banking group was exceptional in the approach to and execution of the Transaction and there is significant appetite and liquidity for similar deals in the UAE market.”


Posted by : Dubai PR Network Editorial Team
Viewed 6802 times
PR Category : Technology
Posted on : Monday, April 22, 2013  1:36:00 PM UAE local time (GMT+4)
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