Dubai-based GEMS hires banks for $800m dual-currency bond

Dubai-based GEMS Education has hired banks to arrange investor meetings ahead of a potential issuance of international bonds denominated in U.S. dollars and euros, a document issued by one of the banks leading the deal showed on Wednesday.

GEMS, which owns and operates 49 schools in the United Arab Emirates and Qatar, said last week that a consortium led by private equity firm CVC Capital Partners has agreed to acquire a 30 per cent stake in the company from existing shareholders.

The company also said it had launched a refinancing plan which includes loans and bonds, without giving further details.

According to the document, it is looking to issue $800m in senior secured notes split into $500m and the equivalent of $300m in euros.

It has hired a group of banks including Goldman Sachs, Credit Suisse, Citi, Emirates NBD Capital and HSBC to arrange fixed income investor meetings in London, the UAE and the US, starting from July 18.

The bond roadshow will end on July 26 and an issuance might follow, subject to market conditions.