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March 20, 2013
16:12 EDTAPEI, COCO, LINC, NAUH, LOPE, ESI, STRA, BPI, EDMC, APOL, CECO, DVSenate orders tuition assistance programs reinstated, Stars and Stripes says
The Senate passed a measure that requires the Pentagon to reinstate military tuition assistance programs, though the measure still must be approved by the House of Representatives before being signed into law, according to a Stars and Stripes report. Reference Link
News For APEI;CECO;APOL;EDMC;BPI;STRA;ESI;LOPE;NAUH;LINC;COCO;DV From The Last 14 Days
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August 29, 2014
09:10 EDTEDMCKKR in deal to be among largest Education Management stakeholders, NY Post says
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August 27, 2014
10:13 EDTEDMCHigh option volume stocks
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08:39 EDTEDMCEducation Management reaches agreement in principle on debt restructuring
Education Management announced it has reached agreement in principle regarding a financial restructuring with holders of more than 80% of its secured and unsecured financial indebtedness. The company's Board of Directors has approved the restructuring. The company is seeking support for its restructuring plan from the remaining lenders and bondholders. The proposed restructuring will reduce the company's funded debt by approximately $1.1B, providing for the exchange of approximately $1.5B of outstanding debt as of June 30 for $400M of new debt, preferred equity interests that would be convertible into common shares and warrants for the purchase of common shares. The company's existing shareholders would retain 4% of the outstanding common stock after giving effect to the conversion of the new preferred stock and receive warrants to purchase an additional 5% of the common stock. The comprehensive, multi-step restructuring remains subject to applicable regulatory approvals and a shareholder vote, which the company expects to complete in 2015. Pending consummation of the restructuring, the company will enter into an amendment to its senior credit facility to waive all financial covenants through June 30, 2015, substantially decrease cash interest expense and require no principal amortization payments through June 30, 2015, and extend the maturity of the revolving credit facility through July 2, 2015.
August 26, 2014
07:25 EDTESI, COCOITT Educational has negative read through from Corinthian, says Wells Fargo
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August 25, 2014
17:55 EDTCOCOCorinthian Colleges says need to obtain additional sources of liquidity
In a regulatory filing, Corinthian Colleges disclosed that the company has entered into a Consent and Amendment No. 4 to Credit Agreement, dated as of August 19, by and among the company, Everest Colleges Canada, the Guarantors party thereto, the Lenders party thereto and Bank of America, as Domestic Administrative Agent and Canadian Agent...As previously reported by the company, the company has been, and is, seeking additional sources of liquidity through, among other things, asset sales. On August 20, the company sold to an unrelated third party, on a non-recourse basis, after conducting a bid process, a portfolio of student loans for approximately $19M. The company’s decision to sell certain of its student loans which it had previously intended to hold for investment resulted in a change in the accounting treatment for such loans from “held for investment” to “held for sale.” the company concluded on August 19 that an impairment charge is required of approximately $55M to $59M. The company expects to include the impairment charge in its consolidated financial statements for the fiscal year ended June 30...Additionally, the CFPB requested certain documents relating to a recently-completed sale of student notes and certain information relating to the student loans that the company continues to hold and any private lending arrangements to which the company is currently a party...The company added that Corinthian Colleges continues to need to obtain additional sources of liquidity to fund its operations and to implement the agreements contemplated by the Operating Agreement. To do so, the company will continue to seek additional sources of liquidity through new financings, additional cost reductions, accelerated asset sales or some combination thereof. There can be no assurance that the company will be able to obtain any such additional needed liquidity on a timely basis, on terms acceptable to it, or at all. Any withholding of Title IV funds by ED, or further restrictions on funding or operations by accrediting agencies, state agencies, or other funding sources would exacerbate the company’s existing liquidity constraints.
08:52 EDTESIITT Educational volatility elevated into Q2 and outlook
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07:23 EDTESI, LOPE, APEI, STRA, DV, COCO, CECO, BPI, APOLGovernment not looking to push other colleges out of business, says Wells Fargo
In the wake of Corinthian Colleges' (COCO) dissolution due to actions taken by the Department of Education, Wells Fargo thinks the government did not intend for this scenario to unfold. After speaking with unnamed "knowledgeable sources" about the issue, the firm does not expect the department to take similar actions in the future because doing so would create too much of a workload for the department, Wells believes. Publicly traded companies in the space include American Public Education (APEI), Apollo Education (APOL), Bridgepoint Education (BPI), Career Education (CECO), Corinthian Colleges (COCO), DeVry (DV), Grand Canyon (LOPE), ITT Educational (ESI) and Strayer (STRA).
August 24, 2014
21:23 EDTEDMCLender group set to offer EDMC revised debt package, NY Post says
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August 19, 2014
15:12 EDTAPOLApollo Education management to meet with Piper Jaffray
Meeting to be held in Los Angeles on August 21 hosted by Piper Jaffray.

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