Education Management gets tenders of $21.35 million of its 10¼% notes

By Susanna Moon

Chicago, March 29 - Education Management LLC said investors tendered $21,352,000 of its 10¼% senior subordinated notes due 2016.

The tender offer expired at midnight ET on March 26. It began on March 1.

The company will pay a total of $23,487,200 for the notes plus $717,368 for accrued interest.

The payment date is expected to be March 29.

Education Management increased the payout for the cash tender offer for its $69.03 million of notes on March 15.

Education Management said it would pay holders $1,100 per $1,000 principal amount of the notes regardless of when they tender the notes during the offer period. The company had previously offered to pay $1,070 per note, including a $30 premium for notes tendered by 5 p.m. ET on March 12, the early tender deadline. Holders tendering after the early date were to receive $1,040 per note.

Goldman Sachs & Co. (212 357-4692 or, toll-free 800 828-3182) is the dealer manager. Global Bondholder Services Corp. (212 430-3774, for banks and brokers only, or 866 387-1500 for all others) is the information agent and depositary.

Education Management is a Pittsburgh-based provider of private 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.