Educate amends and restates, expanding term loan, reducing rates

By Sara Rosenberg

New York, May 4 - Educate Operating Co. LLC amended and restated its credit facility, increasing the size of the term loan to $140 million from about $118.6 million, lowering the interest rate spread over a base rate and extending maturities, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

The term loan, as amended, carries an interest rate of Libor plus 200 basis points.

Educate's facility also includes a $30 million revolving credit facility that was not amended.

JPMorgan Chase Bank is administrative agent on the loan.

The amendment and restatement was completed on April 28.

Educate is a Baltimore-based provider of tutoring and other supplemental education services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.