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American Public Education to repay $65 million of term loans
By Marisa Wong
Los Angeles, Dec. 29 – American Public Education, Inc. intends to repay about $65 million of the outstanding principal balance of the term loans under its credit agreement dated Sept. 1, 2021 with Macquarie Capital Funding LLC as administrative agent and collateral agent and Macquarie Capital (USA) Inc. and Truist Securities, Inc. as joint lead arrangers and joint bookrunners, according to an 8-K filing with the Securities and Exchange Commission.
The company plans to make the repayment using proceeds from a sale of preferred stock and available cash.
After giving effect to the repayment, the aggregate amount of term loans outstanding will not exceed $100 million.
American Public sold $40 million of newly designated series A senior preferred stock on Dec. 28 to affiliates of Redwood Capital Management, LLC and MSD Partners, LP, affiliates of each of which are existing common stockholders of the company.
Remaining net proceeds from the preferreds sale will be used solely for general corporate purposes.
American Public is a Charles Town, W.Va.-based provider of higher learning.
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