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S&P: Education Management on positive watch
Standard & Poor's said it placed its ratings on Education Management LLC, including the B corporate credit rating, on CreditWatch with positive implications.
The CreditWatch listing was in response to the company's commencement of an initial public offering of 20 million shares of its common stock.
The company will use the net proceeds to repay debt, to pay a termination fee under a management agreement with certain of its shareholders, and for general corporate purposes.
At the same time, the company announced a tender offer for up to $323.9 million, excluding accrued interest, of its 10¼% senior subordinated notes due 2016 and its 8¾% senior notes due 2014. The company's completion of the tender offer is subject to consummation of the IPO.
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