Corinthian Colleges enters $140 million amended and restated facility

By Marisa Wong

Madison, Wis., May 22 - Corinthian Colleges, Inc. and its wholly owned subsidiary, Everest Colleges Canada, Inc., completed a $140 million fourth amended and restated credit agreement on May 17, according to an 8-K filing with the Securities and Exchange Commission.

The amended facility includes a $130 million U.S. facility and a $10 million Canadian facility and matures July 1, 2015.

Interest is equal to Libor plus 250 basis points to 300 bps, depending on leverage.

The facility contains customary affirmative and negative covenants, including financial covenants requiring the maintenance of consolidated net worth, fixed charges coverage ratios, leverage ratios and the U.S. Department of Education financial responsibility composite score.

Bank of America Merrill Lynch and U.S. Bank NA acted as joint lead arrangers and joint bookrunners for the credit agreement. Bank of America, NA acted as the domestic administrative agent, swingline lender and letter-of-credit issuer, while Bank of America, NA, Canada Branch acted as the Canadian administrative agent, swingline lender and letter-of-credit issuer. U.S. Bank NA is the syndication agent, and Union Bank, NA is the documentation agent.

Corinthian Colleges is a Santa Ana, Calif.-based post-secondary education company.

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