Aspen Group closes on $20 million revolving line of credit

Chicago, March 15 – Aspen Group, Inc. closed on $30 million of financing on March 14, including a $20 million revolving line of credit, according to a press release.

The one-year financing will require monthly interest payments on sums borrowed at an annual 12% rate.

Nothing was drawn at closing.

The company does not anticipate making drawdowns on the revolver.

The company paid a 1% commitment fee at closing.

If the revolving facility has not been replaced in six months, it must pay another 1% commitment fee.

The other part of the $30 million of financing came in the form of $10 million in convertible notes.

Proceeds from the convertibles will be used for general corporate purposes, including expansion of the company’s BSN Pre-Licensure nursing degree program.

Aspen Group is a New York-based education technology holding company.

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