Laureate Education adds $155M Series 2028 revolving tranche, total facility $300M

LAUREATE EDUCATION, INC.

Added $155M Series 2028 Tranche; total revolver $300M ($145M maturing Oct 2024).
Facility matures Sept 18, 2028; interest rate at EURIBOR/Term SOFR/ABR plus margin of 1.75%-2.50% (SOFR/EURIBOR) based on leverage.
Financial covenant: Consolidated Senior Secured Debt/EBITDA ≤ 3.00x; suspended if <25% facility drawn.
Obligations guaranteed by subsidiary Exeter Street Holdings LLC; secured by first-priority lien on substantially all assets.
COO Marcelo Cardoso's consultant agreement amended to eliminate a future severance reduction from Brazil business sale.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LAUREATE EDUCATION, INC. amended Third Amendment with Citibank, N.A., as administrative agent and collateral agent valued at $300,000,000 aggregate revolving credit facility (effective 2023-09-18).

Action: amendment
Agreement: credit facility
Counterparty: Citibank, N.A., as administrative agent and collateral agent
Value: $300,000,000 aggregate revolving credit facility
Effective: 2023-09-18

Exact text from the filing

On September 18, 2023, Laureate Education, Inc. (the “Company”) entered into an amendment (the “Third Amendment”) to the Third Amended and Restated Credit Agreement, dated as of October 7, 2019

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LAUREATE EDUCATION, INC. filing history →

Source: SEC EDGAR

accession 0001628280-23-032646

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