Education Management tenders for $69.03 million in 10¼% notes due 2016

By Devika Patel

Knoxville, Tenn., March 1 - Education Management Corp. announced that it has begun a cash tender offer for all $69.03 million of its 10¼% senior subordinated notes due 2016.

The offer will expire at midnight ET on March 26. Validly tendered notes may be withdrawn at any time before 5 p.m. ET on March 12, which is the early tender deadline.

The company will pay a $1,040 late tender offer consideration and a $30 early tender premium for a total of $1,070 per $1,000 in tendered notes, plus interest up to but not including the settlement date, which is expected to be March 15 for early tenders and March 29 for all later tenders.

Holders who tender after the early tender deadline but before the expiration date will receive only the late tender offer consideration.

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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