Laureate Education begins tender offer for 11¾% notes due 2017

By Angela McDaniels

Tacoma, Wash., April 9 - Laureate Education, Inc. is offering to purchase any and all of its $285,944,000 of outstanding 11¾% senior subordinated notes due 2017, according to a company news release.

The amount on offer is $1,063.75 per $1,000 principal amount of notes. This payment includes a $30.00 early tender payment for notes tendered by 5 p.m. ET on April 22, the early tender date.

The company will also pay accrued interest and special interest up to but excluding the payment date.

The offer will end at midnight ET on May 6.

The company has an early settlement option for notes tendered by the early tender date. Subject to some conditions, the initial settlement date will be April 23.

The tender offer is conditioned on the completion of a proposed financing that yields enough proceeds to fund the offer.

The dealer manager is Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106). The information agent is Global Bondholder Services Corp. (866 470-3800 or 212 430-3774).

Laureate Education is a Baltimore-based provider of higher educational services.

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