Education Management boosts payout for its $69.03 million 10¼% notes

By Susanna Moon

Chicago, March 15 - Education Management Corp. said it increased the payout for the cash tender offer for its $69.03 million of 10¼% senior subordinated notes due 2016.

Education Management will now pay holders $1,100 per $1,000 principal amount of the notes regardless of when they tender the notes.

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.

Holders will receive accrued interest up to the settlement date, which was expected to be March 29 for all later tenders.

The offer will expire at midnight ET on March 26.

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.

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