Corinthian Colleges amends loan, increasing size to $235 million

By Sara Rosenberg

New York, Aug. 19 - Corinthian Colleges Inc. amended its credit facility, increasing the size by $135 million to $235 million. Banc of America Securities LLC acted as sole lead arranger and sole book manager.

Bank of America is the administrative agent, swing line lender and letter of credit issuer. Union Bank of California is the syndication agent, and U.S. Bank and JPMorgan Chase Bank are co-documentation agents.

The three-year credit facility includes a $185 million domestic facility and a $50 million Canadian facility.

Proceeds will be used to provide funding for Corinthian's growth plans, including acquisitions, new branch campuses, capital expenditures to remodel, relocate and expand existing facilities, and other working capital requirements.

"This new credit facility, we believe, reflects the lending community's confidence in Corinthian, based both on the successes we have achieved in the past and our growth plans for the future," said David G. Moore, chairman and chief executive officer, in a news release. "In the past fiscal year, Corinthian added six new branch campuses; completed four acquisitions; expanded, relocated or enlarged over 27 existing facilities; and continued to grow our online program. Looking ahead, we intend to use the funds provided by this new facility to continue our growth strategy and to meet the educational requirements of increasing numbers of career-oriented students."

Corinthian Colleges is a Santa Anna, Calif. for-profit post-secondary education company.

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