Aspen Group Secures $10 Million Credit Facility to Fund Long-Term Growth Plan
Aspen Group Inc. (ASPU)
NASDAQ:AMEX Investor Relations:
ir.aspen.edu
Company Research
Source: GlobeNewswire
NEW YORK, July 25, 2017 (GLOBE NEWSWIRE) -- Aspen Group, Inc. (OTCQB:ASPU), a post-secondary education company, today announced that it has closed on a $10 million senior secured term loan with Runway Growth Credit Fund, one of the leading financial institutions focused on growth financing. Runway Growth Credit Fund (formerly known as GSV Growth Credit Fund) specializes in providing capital to rapidly growing companies, and its principals have deep expertise in the education sector. The Company drew $5 million under the facility at closing, with the remaining $5 million to be drawn following the closing of the Company’s acquisition of substantially all the assets of the United States University, including receipt of all required regulatory approvals, among other conditions to funding. Terms of the 4-year senior loan include a 10% over 3-month LIBOR per annum interest rate. In addition to funding the USU acquisition, the Company intends to use the proceeds from the loan to fund gr
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