Business
Laureate Education Announces Commencement of Asset Sale Offer to Purchase Up to $300 Million of Senior Notes
BALTIMORE, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR) (the “Company”) today announced that it is commencing a cash tender offer
About this update from Laureate Education, Inc.
[{"type":"text","content":"BALTIMORE, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR) (the “Company”) today announced that it is commencing a cash tender offer (the “Asset Sale Offer”) to purchase up to $300 million aggregate principal amount (the “Offer Amount”) of its 8.250% Senior Notes due 2025 (the “Notes”), at a purchase price of 100% of the principal amount thereof plus accrued and unpaid interest to, but not including, the purchase date.\n The Asset Sale Offer is being made pursuant to the indenture governing the Notes (the “Indenture”) as a result of the Company’s sale of its operations in Chile and Malaysia. Those sales constituted “Asset Sales” under the Indenture. The source of funds is cash on hand from the proceeds of the Asset Sales. The Asset Sale Offer will expire at 11:59 p.m., New York City time, on November 10, 2020, unless extended by the Company, in its sole discretion (the “Expiration Time”). If the aggregate principal amount of Notes validly tendered (and not validly withdrawn) in the Asset Sale Offer exceeds the Offer Amount, only the Offer Amount will be accepted for purchase, and the Notes will be purchased on a pro rata basis (with such adjustments as may be needed so that only Notes in minimum amounts of $2,000 and integral multiples of $1,000 in excess thereof will be so purchased). Tenders of the Notes must be made on or prior to the Expiration Time and may be validly withdrawn at any time on or prior to the Expiration Time. In the event that the aggregate principal amount of tendered and accepted Notes is less than the Offer Amount, any amount less than the Offer Amount not used for the purchase of Notes pursuant to the Asset Sale Offer will be available for use in any manner permitted under the Indenture. The Asset Sale Offer is being made pursuant to an Offer to Purchase, dated October 13, 2020, and related documents (collectively, the “Offer Documents”), which set forth the complete terms and conditions of the Asset Sale Offer. The Asset Sale Offer is made only by and pursuant to the terms set forth in the Offer Documents, and the information in this press release is qualified by reference to those documents. Subject to applicable law, the Company may amend, extend or terminate the Asset Sale Offer. This press release is for informational purposes only and is neither an offer to purchase nor a s...