Educate amends facility, upsizing term loan, allowing for sale of Education Station business

By Sara Rosenberg

New York, April 5 - Educate Operating Co. LLC amended its credit facility, increasing the term loan size to $160 million from $140 million and allowing for the sale of its Education Station business, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

The amendment also modifies required prepayments to 50% of the net cash proceeds from the sale of the Education Station business.

And, the amendment gives the company more flexibility in covenants concerning financial condition, certain capital expenditures and required interest rate protection coverage.

The amendment was completed on March 31.

JPMorgan is the administrative agent on the deal.

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

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