XML 44 R24.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Subsequent Events | 3 Months Ended
--- | ---
Mar. 31, 2017
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Bilgi Annual Audit As discussed in Note 15, Legal and Regulatory Matters, on April 18, 2017, Bilgi received from the YÖK the results of the Annual Audit. The Annual Audit report requires, among other things, that Bilgi be reimbursed approximately $29,000 for payments previously made by Bilgi to a subsidiary of the Company for certain management, operational and student services, and intellectual property. The Company currently consolidates Bilgi under the variable interest entity model and deconsolidation of Bilgi could be required if, as a result of the determinations in the Annual Audit, the Company is no longer able to provide services to Bilgi under its contracts and receive economic benefits from those contractual arrangements. The Company believes that Bilgi is in compliance with all laws and regulations. Bilgi intends to appeal the findings of the Annual Audit and intends to demonstrate the validity and value of the services procured from the Company subsidiary. Refinancing Transactions On April 26, 2017, we completed an offering of $800,000 aggregate principal amount of 8.250% Senior Notes due 2025 (the Senior Notes due 2025). The Senior Notes due 2025 were issued at par and will mature on May 1, 2025. Interest on the Senior Notes due 2025 is payable semi-annually on May 1 and November 1, and the first interest payment date will be November 1, 2017. The Senior Notes due 2025 are exempt from registration under the Securities Act of 1933, as amended (the ‘‘Securities Act’’) and the holders do not have registration rights. We may redeem the Senior Notes due 2025, in whole or in part, at any time on or after May 1, 2020, at redemption prices starting at 106.188% of the principal amount thereof and decreasing from there each year thereafter until May 1, 2023, plus accrued and unpaid interest. From and after May 1, 2023, we may redeem all or part of the Senior Notes due 2025 at a redemption price of 100%, plus accrued and unpaid interest. We may also redeem up to 40% of the Senior Notes due 2025 using the proceeds of certain equity offerings completed before May 1, 2020, at a redemption price equal to 108.250% of the principal amount thereof, plus accrued and unpaid interest. In addition, at any time prior to May 1, 2020, we may redeem the Senior Notes due 2025, in whole or in part, at a price equal to 100% of the principal amount, plus a ‘‘make-whole’’ premium, plus accrued and unpaid interest. Substantially concurrently with the issuance of the Senior Notes due 2025, we consummated a refinancing of our existing Senior Secured Credit Facility by means of an amendment and restatement of the existing amended and restated credit agreement (the New Credit Agreement) to provide a new revolving credit facility of $385,000 maturing in April 2022 and a new syndicated term loan of $1,600,000 maturing in April 2024 (the New Credit Facilities). Laureate intends to use the net proceeds from the offering of the Senior Notes due 2025, together with a portion of the net proceeds from its IPO and net proceeds from the New Credit Facilities to (i) redeem the Senior Notes due 2019 (other than the Exchanged Notes), (ii) repay the Company’s term loans under its senior secured credit facilities, (iii) repay the seller notes used to partially finance the acquisition of FMU Group, and (iv) pay certain related fees and expenses in connection with the offering of the Senior Notes due 2025. On April 28, 2017, the Company elected to redeem all of its outstanding Senior Notes due 2019 (other than the Exchanged Notes) on May 31, 2017 (the Redemption Date). On April 21, 2017, the Company exchanged $250,000 in aggregate principal amount of the Senior Notes due 2019 for the Exchanged Notes. The Exchanged Notes are not being redeemed and will remain outstanding following the Redemption Date. The aggregate principal amount outstanding of the Senior Notes due 2019 (excluding the Exchanged Notes) is $1,125,443. The redemption price for the Senior Notes due 2019 being redeemed will be equal to 104.625% of the principal amount thereof, plus accrued and unpaid interest and special interest thereon to the Redemption Date, for an aggregate payment to holders of the Senior Notes due 2019 of $1,205,604.

X
- References No definition available. + Details
Name: | us-gaap_SubsequentEventsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration