Educate amends loan, waiving non-compliance with financial covenants

By Sara Rosenberg

New York, March 19 - Educate Operating Co. LLC amended its credit facility, waiving violations of financial covenants, including the required leverage ratio, interest coverage ratio and fixed-charge coverage ratio, according to an 8-K filed with the Securities and Exchange Commission Monday.

The waiver covers the periods of Jan. 1 through May 31 and the Dec. 31 and March 31 quarterly reporting periods.

The amendment also permits the sale of certain Sylvan Learning Centers, revises the mandatory prepayment requirements in connection with assets sales and puts additional restrictions on certain expenditures.

The amendment was completed on March 15.

JPMorgan is the administrative agent on the deal.

Educate is a Baltimore, based pre-K-12 education company.

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