Education Management amends loan, permitting term loan buybacks

By Sara Rosenberg

New York, March 26 - Education Management LLC amended its credit facility, allowing for the purchase of $400 million of its term loan C debt in a Dutch auction, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

The company can conduct tender offers until June 30, 2010.

In addition, the amendment provides that BNP Paribas, the administrative agent on the deal, is only required to issue letters of credit in an aggregate amount of up to $175 million.

The amendment was completed on March 23.

Education Management is a Pittsburgh-based provider of private post-secondary education.

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