Perdoceo Education enters into new $125 million replacement revolver

Chicago, Sept. 13 – Perdoceo Education Corp. entered into a new $125 million revolver that replaces a previous $50 million facility, according to an 8-K filing with the Securities and Exchange Commission.

Wintrust Bank, NA is listed as the lead arranger, bookrunner, administrative agent and letter-of-credit issuer.

At the time of closing, Sept. 8, no amounts were drawn on the facility.

The revolver matures Sept. 8, 2024.

There is an accordion feature for an additional $50 million.

There is no amortization. The full amount is due at maturity.

The commitment fee is based on 30 basis points times the actual daily amount of excess availability.

Interest is based on the greater of the Prime rate minus 100 bps, or 300 bps. The higher amount will be determined on the last day of each month, in arrears.

BMO Harris Bank NA joined as a joint lead arranger and joint bookrunner.

Perdoceo is a Schaumburg, Ill., educational services company. The company was previously called Career Education Corp.

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