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Allens acts for financiers to Providence on A$660m leveraged acquisition of Study Group

6 July 2010

Allens Arthur Robinson (Allens) has acted for the financiers on the A$660 million acquisition of Study Group by private equity firm Providence Equity Partners.

Study Group, which was sold by Australian private equity firm CHAMP Private Equity and Petersen Investments, operates businesses that help prepare students for university study in Australia, the United Kingdom and the United States.

The acquisition financing package was arranged and underwritten by Credit Agricole, Goldman Sachs JBWere, National Australia Bank and Westpac in their capacity as Mandated Lead Arrangers, Underwriters and Bookrunners.

Partners Richard Gordon and Tom Highnam led the Allens banking & finance team on the deal, assisted by Senior Associate Nick Adkins and Lawyers Maya Greenberg and Jonathan Dillon.

According to Mr Gordon, the financing is a significant milestone in the Australian market, as it is one of the first underwritten leveraged finance deals to have closed since the global financial crisis.

'It is a very positive sign for the Australian leveraged finance market and the syndicated bank market generally,' Mr Gordon said.

'We are very pleased to have had the opportunity to work on this significant transaction and to have helped the financiers, and their client Providence, achieve a successful financial close.'

Mr Highnam said: 'It shows the depth and experience of our leveraged team that we were able to achieve financial close across several jurisdictions within such a tight timeframe. This follows on from our work on another recent private equity deal, the acquisition of Actrol Parts, and we are pleased that our team is playing a strong role in advising private equity players in the increasing activity within the industry.'

Allens legal team Richard Gordon (Partner – Sydney), Tom Highnam (Partner – Sydney), Nicholas Adkins (Senior Associate – Sydney), Maya Greenberg (Lawyer – Sydney) and Jonathan Dillon (Lawyer – Sydney).

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Notes for editors.

Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.