Laureate Education Announces the Pricing of an Underwritten Public Offering by Selling Stockholders
Laureate Education, Inc. (NASDAQ: LAUR) announced a secondary offering of 32,842,183 shares by existing stockholders at $9.75 per share, closing on November 22, 2022. The company will not receive proceeds from this sale. Simultaneously, Laureate plans to repurchase 7,971,303 shares at $9.409 each for about $75 million, funded through credit facilities or cash on hand. The offering is not contingent on the repurchase, and the company will adhere to customary closing conditions for both transactions.
- Intention to repurchase 7,971,303 shares, potentially reducing outstanding shares and supporting stock price.
- Dilution of existing shareholder value due to the secondary offering of 32,842,183 shares.
MIAMI, Nov. 18, 2022 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR) (the “Company”) today announced the pricing of the underwritten secondary offering by certain existing stockholders affiliated with Kohlberg Kravis Roberts & Co. L.P. (the “Selling Stockholders”) of 32,842,183 shares of the Company’s common stock. The Selling Stockholders have agreed to sell the shares of our common stock pursuant to this secondary offering at a public offering price of
The Company announced that, subject to the completion of the offering, it intends to repurchase 7,971,303 shares out of the 32,842,183 shares of common stock from the underwriters at a price per share of approximately
Goldman Sachs & Co. LLC, BTIG, LLC, Loop Capital Markets LLC, Morgan Stanley & Co. LLC, BMO Capital Markets Corp. and Mizuho Securities USA LLC are acting as book-running managers and AmeriVet Securities, Inc., Blaylock Van, LLC, Tigress Financial Partners LLC, Roberts & Ryan Investments Inc., Samuel A. Ramirez & Company, Inc., Cabrera Capital Markets LLC, Academy Securities, Inc. and Telsey Advisory Group LLC are acting as co-managers for this offering.
A shelf registration statement on Form S-3ASR was filed with the Securities and Exchange Commission (the “SEC”) on April 23, 2021, and was automatically effective upon filing, as amended by the prospectus supplement dated December 10, 2021. A preliminary prospectus supplement relating to the offering described above has been filed with the SEC. The offering is being made only by means of a written prospectus, including a prospectus supplement, that forms part of the registration statement. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or jurisdiction.
The preliminary prospectus supplement and the accompanying prospectus relating to this offering are available and the final prospectus will be available at the SEC’s website located at www.sec.gov. Copies of the preliminary prospectus supplement, the accompanying prospectus and the final prospectus (when available) relating to this offering may also be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, fax: 212-902-9316, email:prospectus-ny@ny.email.gs.com; and BTIG, LLC, 65 E 55thSt, New York, NY 10022, email: prospectusdelivery@btig.com.
About Laureate Education, Inc.
Laureate Education, Inc. operates five higher education institutions across Mexico and Peru, enrolling more than 400,000 students in high-quality undergraduate, graduate, and specialized degree programs through campus-based and online learning. Our universities have a deep commitment to academic quality and innovation, strive for market-leading employability outcomes, and work to make higher education more accessible. At Laureate, we know that when our students succeed, countries prosper, and societies benefit.
Forward-Looking Statements
This press release includes certain statements which contain "forward-looking statements" within the meaning of the federal securities laws, which involve risks and uncertainties. You can identify forward-looking statements because they contain words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates" or "anticipates" or similar expressions that concern our strategy, plans or intentions. Forward-looking statements are based on the Company'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. Important factors that could cause actual results to differ materially from our expectations are disclosed in our Annual Report on Form 10-K filed with the SEC on February 24, 2022, our Quarterly Reports on Form 10-Q filed with the SEC, our prospectus supplement to be filed with the SEC and other filings made with the SEC.
Investor Relations Contact:
ir@laureate.net
Media Contacts:
Laureate Education, Inc.
Adam Smith
adam.smith@laureate.net
U.S.: +1 (443) 255 0724
Source: Laureate Education, Inc.
FAQ
What is the pricing of Laureate Education's secondary offering on November 22, 2022?
How many shares is Laureate Education planning to repurchase?
Will Laureate Education receive proceeds from the secondary offering?
What is the expected closing date for Laureate Education's secondary offering?
What are the conditions for Laureate Education's share repurchase?
