| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers E > Headlines for Education Management LLC > News item |
Education Management completes tender offer for 10¼%, 8¾% notes
By Jennifer Chiou
New York, Oct. 20 - Education Management LLC announced the final results in the tender offer for its $385 million of 10¼% senior subordinated notes due 2016 and $375 million of 8¾% senior notes due 2014.
The offer ended at 5 p.m. ET on Oct. 20.
In all, holders had tendered $370,991,000 of the 10¼% notes and $324,475,000 of the 8¾% notes, unchanged from the early deadline of 5 p.m. ET on Oct. 6.
The maximum payment amount was previously raised to $355,465,000 from $329.9 million.
As already reported, because tenders were received in excess of the cap for the first-priority 10¼% notes, Education Management said it would not accept any tendered 8¾% notes.
The company said on Oct. 2 that it increased the price it will pay for the 10¼% notes in the offer.
The company will pay $1,125 for each 10¼% note tendered by the early tender deadline and $1,095 for each 10¼% note tendered after that time.
It was previously offering $1,110 for notes tendered by the early tender deadline and $1,080 for notes tendered after that time.
The payment for the 8¾% notes was to be $1,070 for notes tendered by the early tender deadline and $1,040 for notes tendered after that time.
Education Management will also pay accrued interest up to but excluding the settlement date, slated for Wednesday.
The company had already extended the early tender deadline from Oct. 5.
The offer began on Sept. 21.
There was no minimum tender condition for the offer. However, completion of the tender was subject to Education Management Corp. completing its planned initial public offering.
Goldman, Sachs & Co. (212 357-4692 or 800 828-3182, attention: Liability Management Group) and J.P. Morgan Securities Inc. (800 245-8812, attention: High Yield Syndicate) were the dealer managers. Global Bondholder Services Corp. was the information agent and depositary (banks and brokers call 212 430-3774, others 866 387-1500).
Education Management is a Pittsburgh-based provider of post-secondary education.
© 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.