Steering Committee of Ad Hoc Term Loan Lenders and BYJU’S Agree to Complete Loan Amendment by August 3, 2023

NEW YORK–(BUSINESS WIRE)–The steering committee (the “SteerCo”) of ad hoc term loan lenders, who collectively own more than 85% of BYJU’S $1.2 billion term loan, today announced that it and BYJU’S have agreed to work collaboratively toward a signed and completed term loan amendment (the “Amendment”) prior to August 3, 2023. Successful execution of the Amendment would immediately solve for the loan’s acceleration and end all open litigation while avoiding further enforcement actions.

SteerCo issued the following statement regarding the agreed upon timeline:

We are pleased to make progress with BYJU’S toward a completed loan amendment. This announcement is consistent with our stated goal of working constructively with BYJU’S management to protect the value of the franchise. We look forward to completing the loan amendment over the next two weeks and are committed to doing our part to deliver on our agreed upon timeline.”

Houlihan Lokey serves as financial advisor to the term loan lender group and Kirkland & Ellis LLP, Cahill Gordon & Reindel LLP, and Shearman & Sterling LLP are serving as legal advisors.


Nathaniel Garnick/Amanda Shpiner/Sam Fisher

Gasthalter & Co.

+1 (212) 257-4170

[email protected]