Laureate Education Announces Completion of the Sale of the University of St. Augustine for Health Sciences and Repayment of Indebtedness
Laureate Education, Inc. (LAUR)
Last laureate education, inc. earnings: 2/27 07:00 am
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Source: GlobeNewswire
BALTIMORE, Feb. 05, 2019 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR) announced today it has completed the previously announced sale of the University of St. Augustine for Health Sciences (USAHS) to Altas Partners for a total transaction value of $400 million. Laureate received net proceeds of $346.4 million, which includes $11.7 million of closing adjustments, net of $58.1 million of debt assumed by the buyer and fees of $7.2 million. Laureate used $340 million of the net proceeds to repay a portion of its U.S. term loan, with the remaining $6.4 million in proceeds utilized to repay borrowings outstanding under its revolving credit agreement. The strategic divestiture of USAHS was consistent with Laureate’s stated transformation plan to focus on building an enterprise at scale, with large platform institutions in key markets. This plan has resulted in Laureate’s continuing operations consisting primarily of a campus-based business focused on emerging markets in L
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