Laureate Education Announces Results of Asset Sale Offer to Purchase Up to $650 Million of Senior Notes

Rhea-AI Summary

Laureate Education (NASDAQ: LAUR) completed its cash tender offer for up to $650 million of its 8.250% Senior Notes due 2025, expiring on December 10, 2020. Validly tendered notes amounted to $500,000, all of which will be accepted. The company will make payments at 100% of the principal plus accrued interest, totaling approximately $505,041.67, expected on December 15, 2020. This release serves for informational purposes and does not constitute an offer to purchase notes in jurisdictions where such offers are illegal.

Positive

• Successfully completed cash tender offer for $650 million of Senior Notes.
• All validly tendered notes accepted, ensuring liquidity for investors.

Negative

• None.

BALTIMORE, Dec. 11, 2020 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR) (the “Company”) today announced the results of the cash tender offer (the “Asset Sale Offer”) to purchase up to $650 million aggregate principal amount (the “Offer Amount”) of its 8.250% Senior Notes due 2025 (the “Notes”). The Asset Sale Offer expired at 11:59 p.m., New York City time, on December 10, 2020

According to information provided by Global Bondholder Services Corporation, the Information Agent, as of the expiration of the Asset Sale Offer, $500,000 aggregate principal amount of the Notes were validly tendered and not validly withdrawn in the Asset Sale Offer. As the aggregate principal amount of the Notes validly tendered and not validly withdrawn does not exceed the Offer Amount, all validly tendered Notes that were not validly withdrawn have been accepted.

Payment for the validly tendered and not validly withdrawn Notes will be made at a purchase price of 100% of the principal amount thereof plus accrued and unpaid interest thereon to, but not including, the date of purchase (the “Purchase Date”). The Company expects the Purchase Date to be December 15, 2020. The aggregate purchase price, inclusive of accrued and unpaid interest, payable on the Purchase Date for the validly tendered and not validly withdrawn Notes will be $505,041.67.

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any Notes. The Asset Sale Offer does not constitute an offer to purchase Notes in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer under applicable securities laws. The Asset Sale Offer was made only pursuant to the Offer to Purchase, dated November 12, 2020, and the related documents.

For further information, contact Global Bondholder Services Corporation:

Global Bondholder Services Corporation
65 Broadway – Suite 404
New York, New York 10006
Attn: Corporate Actions

Banks and Brokers call: (212) 430-3774
Toll free (866)-807-2200

About Laureate Education, Inc.

At Laureate Education, Inc., we understand the transformative power of education. For more than 20 years, we have remained committed to making a positive impact in the communities we serve, by providing accessible, high-quality undergraduate, graduate and specialized degree programs. We know that when our students succeed, countries prosper and societies benefit. Our longstanding commitment to operating with purpose is evidenced by our status as one of the world’s largest Certified B Corporations® and being the first Public Benefit Corporation publicly listed on any stock exchange in the world.

Forward-Looking Statements

This press release includes certain disclosures that contain “forward-looking statements” within the meaning of the U.S. federal securities laws, which involve risks and uncertainties. You can identify forward-looking statements because they often contain words such as “subject to,” “expect” or similar expressions that concern the Asset Sale Offer or the Company’s strategy, plans or intentions. Any statement that we make relating to Laureate’s expectations regarding the Asset Sale Offer described herein is a forward-looking statement. Forward-looking statements are based on the Laureate’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. These uncertainties, risks and changes in circumstances include the risks and uncertainties inherent in the transaction contemplated by the agreement and in our business, including, without limitation: the occurrence of any event, change or other circumstances that could give rise to the termination of such transaction; the risk that the conditions to the closing are not satisfied; and the risk that such transaction will not be consummated within the expected time period or at all. Other important factors that could cause actual results to differ materially from the Laureate’s expectations are set forth under the caption “Risk Factors” in Laureate’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as updated in Laureate’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020. Laureate is under no obligation to (and specifically disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations Contact:
ir@laureate.net

Media Contact:
Adam Smith
Laureate Education, Inc.
adam.smith@laureate.net
U.S.: +1 (443) 255 0724

FAQ

What was the result of Laureate Education's cash tender offer for Senior Notes?

Laureate Education accepted all validly tendered Senior Notes amounting to $500,000, which were under the $650 million offer.

When will Laureate Education make payments for the tendered Notes?

Payments for the validly tendered Notes are expected to be made on December 15, 2020.

What is the purchase price for the validly tendered Notes by Laureate Education?

The purchase price is 100% of the principal amount of the Notes plus accrued interest, totaling approximately $505,041.67.

Did Laureate Education offer to purchase Notes in illegal jurisdictions?

No, the press release specifies that the Asset Sale Offer does not constitute an offer in jurisdictions where it is unlawful.

What are the terms of Laureate Education's Asset Sale Offer?

The Asset Sale Offer was to purchase up to $650 million aggregate principal amount of 8.250% Senior Notes due 2025.