secwatch.observer — SEC 8-K summary
======================================

Issuer:     AMERICAN PUBLIC EDUCATION INC (APEI)
CIK:        0001201792
Form:       8-K
Filed at:   2021-09-02T23:59:59+00:00
Accession:  0001104659-21-112247
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.03, 2.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

APEI completes $329M acquisition of Rasmussen University; revenue nearly doubles to ~$600M
--------------------------------------------------------------------------------

- Acquired Rasmussen for $329M in cash; purchase price paid entirely in cash.
- Combined revenue ~$600M; nursing platform with ~11,000 students, ~$200M nursing revenue.
- Rasmussen seen generating ~$275M revenue in FY2021; combined adj. EBITDA ~$90M before synergies.
- Expects cost savings >$5M in first 12 months, at least $10M in years 2-3 post-close.
- Entered $175M term loan + $20M revolver to finance acquisition; maturities 2026/2027.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1201792/000110465921112247/0001104659-21-112247-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1201792/000110465921112247/tm2126808d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-21-112247

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer