In November 2023, Cortland provided a GBP 35 million revolving credit facility to a higher education provider, aiding its growth trajectory by supporting working capital needs and supporting strategic acquisitions. The facility was structured as an asset-based loan (ABL) underwriting future tuition enrollments and associated cash flows to form the borrowing base. Given the seasonal nature of cash inflows in the sector, management was seeking a flexible credit structure to manage operating expenses and with headroom for growth.
With the borrower’s rapid expansion strategy through M&A, the credit facility commitment grew in tandem. In December 2024, Cortland syndicated a portion of the credit facility with a European lender, which saw a strategic foothold with the relationship. The company then completed its refinancing efforts with a bank syndicate in June 2025 via a new upsized credit facility. The upsized facility supports the company’s strategic segments globally and facilitates continued global growth.
“The successful repayment of this facility underscores Cortland’s role in providing creative solutions for middle market companies during high-growth phases,” Sean Rogister, CEO at Cortland Credit, said. “By offering a flexible, short-term lending approach, Cortland enables businesses to navigate periods where traditional bank financing may be limited, fostering significant growth and expansion.”
