Education Management seeks amendment to allow for term loan repurchases

By Sara Rosenberg

New York, March 17 - Education Management LLC is looking to amend its credit facility to allow for the repurchase of $400 million of term loan debt in a Dutch auction, according to a market source.

Goldman Sachs and JPMorgan are leading the amendment, which was launched this week.

Under the amendment proposal, the company would have until June 30, 2010 to tender for its term loan. Any tender has to be a minimum of $15 million, there's a $150 million minimum liquidity test and revolver borrowings can't be used for term loan buybacks, the source said.

Lenders are being offered a 5 basis points amendment fee.

Consents are due on Friday.

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.