EY Paid Off Debt of $270 Million Tied to Failed Split Attempt

Ernst & Young’s global arm has repaid its outstanding $270 million debt related to the halted spinoff of its consulting business and much of its tax practice.

The company repaid the credit facility last fall after the fiscal year-end in June, a source familiar with EY’s financing said. The facility related to covering the cost of the deal dubbed “Project Everest.”

The credit facility was identified in financial statements filed with the UK government.

EY reported $51.2 billion in revenue for its fiscal year in 2024.

• The firm set up a $700 million credit line through an entity called ...