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Laureate lifts tender cap for toggle notes, begins offer for 10% notes
By Susanna Moon
Chicago, Oct. 26 - Laureate Education, Inc. said it amended the cash tender offer for its outstanding 10¼%/11% senior toggle notes due 2015.
The company increased the maximum outstanding principal amount of notes that the company is offering to purchase to $546,614,974, or all of the outstanding notes, from $300 million, according to a company press release.
The early tender deadline and withdrawal deadline was extended to 5 p.m. ET on Nov. 9 from 5 p.m. ET on Nov. 1.
Settlement for early tendered notes will be Nov. 13.
The offer will end at 5 p.m. ET on Nov. 19.
The offer is conditioned on completing financing with enough proceeds to fund the offer.
Tender offer for 10% notes
The company also began a cash tender offer for its $260 million outstanding 10% senior notes due 2015, according to a separate press release.
The total purchase price will be $1,030, including a $20 early tender payment, for each $1,000 principal amount of notes tendered by 5 p.m. ET on Nov. 9, the early tender date.
Those who tender after the early deadline will receive $1,010 for each $1,000 of notes.
The tender offer will end at 5 p.m. ET on Nov. 27.
Holders also will receive accrued interest to but excluding the payment date.
The company may settle notes tendered by the early deadline on Nov. 13 and the remaining tenders "promptly" after the offer ends.
Tendered notes may be withdrawn by the early deadline.
The offer is conditioned upon completion of financing with enough proceeds to fund the purchase of the notes as well as the purchase or redemption of the company's 10¼%/11% toggle notes due 2015.
Global Bondholder Services Corp. (866 857-2200 and collect 212 430-3774) is the information agent. J.P. Morgan Securities (800 245-8812 and collect 212 270-1200) is the dealer manager.
Laureate is a Baltimore-based provider of higher educational services.
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