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Laureate gets tenders for $40 million toggle notes, $23.6 million 11¾% notes
By Angela McDaniels
Tacoma, Wash., March 10 - Laureate Education, Inc. said it received tenders for $40 million of its $448.07 million outstanding 10¼%/11% senior toggle notes due 2015 and for $23.6 million of its $310 million outstanding 11¾% senior subordinated notes due 2017.
All the tendered notes were accepted for payment and will be retired, according to a company news release.
The tender offers for the notes began on Feb. 6 and expired at 5 p.m. ET on March 9.
In each of the offers, the company was offering to buy the maximum principal amount of notes that it could purchase for $20 million.
The purchase price is $600 per $1,000 principal amount of notes and was determined via a modified Dutch auction. Each holder who tendered had to specify a bid price of $520 to $620 per $1,000 principal amount of notes.
The purchase price includes a $30 early participation payment. The early participation deadline was originally scheduled for Feb. 20 but was later extended to coincide with the offer expiration, so all holders who tendered will receive the early participation payment.
Laureate will also pay accrued interest on the 11¾% notes up to but excluding the settlement date.
The toggle notes accrue pay-in-kind interest, so no accrued interest will be paid for these notes, and accrued PIK interest was not included in determining the principal amount of any toggle notes tendered in the offer, the company said.
Neither tender offer was conditioned on financing, the receipt of a minimum amount of tendered notes or the completion of the other tender offer.
Citi (800 558-3745) was the dealer manager, and Global Bondholder Services Corp. (866 470-4300 or 212 430-3774) was the depositary and information agent.
Laureate Education is based in Baltimore and provides higher education services.
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