<SEC-DOCUMENT>0001104659-17-005569.txt : 20170131
<SEC-HEADER>0001104659-17-005569.hdr.sgml : 20170131
<ACCEPTANCE-DATETIME>20170131210446
ACCESSION NUMBER:		0001104659-17-005569
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170131
FILED AS OF DATE:		20170131
DATE AS OF CHANGE:		20170131

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LAUREATE EDUCATION, INC.
		CENTRAL INDEX KEY:			0000912766
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				521492296
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		650 S. EXETER STREET
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
		BUSINESS PHONE:		4108436100

	MAIL ADDRESS:	
		STREET 1:		650 S. EXETER STREET
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SYLVAN LEARNING SYSTEMS INC
		DATE OF NAME CHANGE:	19930929

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KRAVIS HENRY R
		CENTRAL INDEX KEY:			0001081714

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38002
		FILM NUMBER:		17562853

	MAIL ADDRESS:	
		STREET 1:		C/O KOHLBERG KRAVIS ROBERTS & CO
		STREET 2:		9 WEST 57TH ST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KKR Management LLC
		CENTRAL INDEX KEY:			0001472694
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38002
		FILM NUMBER:		17562854

	BUSINESS ADDRESS:	
		STREET 1:		9 WEST 57TH STREET 41ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-230-9742

	MAIL ADDRESS:	
		STREET 1:		9 WEST 57TH STREET 41ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KKR & Co. L.P.
		CENTRAL INDEX KEY:			0001404912
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38002
		FILM NUMBER:		17562855

	BUSINESS ADDRESS:	
		STREET 1:		9 WEST 57TH STREET
		STREET 2:		SUITE 4200
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-750-8300

	MAIL ADDRESS:	
		STREET 1:		9 WEST 57TH STREET
		STREET 2:		SUITE 4200
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KKR Group Ltd
		CENTRAL INDEX KEY:			0001472695
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38002
		FILM NUMBER:		17562856

	BUSINESS ADDRESS:	
		STREET 1:		9 WEST 57TH STREET 41ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-230-9742

	MAIL ADDRESS:	
		STREET 1:		9 WEST 57TH STREET 41ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KKR Group Holdings L.P.
		CENTRAL INDEX KEY:			0001472696
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38002
		FILM NUMBER:		17562857

	BUSINESS ADDRESS:	
		STREET 1:		9 WEST 57TH STREET 41ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-230-9742

	MAIL ADDRESS:	
		STREET 1:		9 WEST 57TH STREET 41ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KKR Fund Holdings L.P.
		CENTRAL INDEX KEY:			0001472698
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38002
		FILM NUMBER:		17562859

	BUSINESS ADDRESS:	
		STREET 1:		9 WEST 57TH STREET 41ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-230-9742

	MAIL ADDRESS:	
		STREET 1:		9 WEST 57TH STREET 41ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ROBERTS GEORGE R
		CENTRAL INDEX KEY:			0001081715

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38002
		FILM NUMBER:		17562852

	MAIL ADDRESS:	
		STREET 1:		2800 SAND HILL ROAD
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KKR Fund Holdings GP Ltd
		CENTRAL INDEX KEY:			0001472697
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38002
		FILM NUMBER:		17562858

	BUSINESS ADDRESS:	
		STREET 1:		9 WEST 57TH STREET 41ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-230-9742

	MAIL ADDRESS:	
		STREET 1:		9 WEST 57TH STREET 41ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
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    <issuer>
        <issuerCik>0000912766</issuerCik>
        <issuerName>LAUREATE EDUCATION, INC.</issuerName>
        <issuerTradingSymbol>LAUR</issuerTradingSymbol>
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            <rptOwnerStreet2>9 WEST 57TH STREET</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
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            <rptOwnerStreet2>9 WEST 57TH STREET</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001472696</rptOwnerCik>
            <rptOwnerName>KKR Group Holdings L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O KOHLBERG KRAVIS ROBERTS &amp; CO. L.P.,</rptOwnerStreet1>
            <rptOwnerStreet2>9 WEST 57TH STREET</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001472695</rptOwnerCik>
            <rptOwnerName>KKR Group Ltd</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O KOHLBERG KRAVIS ROBERTS &amp; CO. L.P.,</rptOwnerStreet1>
            <rptOwnerStreet2>9 WEST 57TH STREET</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
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    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001404912</rptOwnerCik>
            <rptOwnerName>KKR &amp; Co. L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O KOHLBERG KRAVIS ROBERTS &amp; CO. L.P.,</rptOwnerStreet1>
            <rptOwnerStreet2>9 WEST 57TH STREET</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
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            <isOther>0</isOther>
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    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001472694</rptOwnerCik>
            <rptOwnerName>KKR Management LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O KOHLBERG KRAVIS ROBERTS &amp; CO. L.P.,</rptOwnerStreet1>
            <rptOwnerStreet2>9 WEST 57TH STREET</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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        <reportingOwnerRelationship>
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            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
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    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001081714</rptOwnerCik>
            <rptOwnerName>KRAVIS HENRY R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O KOHLBERG KRAVIS ROBERTS &amp; CO. L.P.,</rptOwnerStreet1>
            <rptOwnerStreet2>9 WEST 57TH STREET</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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        <reportingOwnerRelationship>
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            <isOfficer>0</isOfficer>
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    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001081715</rptOwnerCik>
            <rptOwnerName>ROBERTS GEORGE R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O KOHLBERG KRAVIS ROBERTS &amp; CO. L.P.,</rptOwnerStreet1>
            <rptOwnerStreet2>9 WEST 57TH STREET</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
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            <isOther>0</isOther>
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    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>22889952</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F10"/>
                    <footnoteId id="F11"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Class B Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>952623</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F11"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Convertible Redeemable Preferred Stock, Series A</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>11.90</value>
                <footnoteId id="F7"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F5"/>
                <footnoteId id="F6"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F5"/>
                <footnoteId id="F6"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>4987395</value>
                    <footnoteId id="F7"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F8"/>
                    <footnoteId id="F10"/>
                    <footnoteId id="F11"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Convertible Redeemable Preferred Stock, Series A</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>11.90</value>
                <footnoteId id="F7"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F5"/>
                <footnoteId id="F6"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F5"/>
                <footnoteId id="F6"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>54622</value>
                    <footnoteId id="F7"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F9"/>
                    <footnoteId id="F11"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each share of Class B Common Stock (&quot;Class B Common Stock&quot;) of Laureate Education, Inc. (the &quot;Issuer&quot;) is convertible into one share of Class A Common Stock of the Issuer (&quot;Class A Common Stock&quot;) upon the election of the holder or upon transfer, subject to the terms of the Issuer's Amended and Restated Certificate of Incorporation.</footnote>
        <footnote id="F2">Shares of Class B Common Stock are held directly by Wengen Alberta, Limited Partnership (&quot;Wengen&quot;). Wengen Investments Limited (&quot;Wengen GP&quot;) is the general partner of Wengen. Certain investors, including, but not limited to, certain investment funds and other persons affiliated with or managed by Kohlberg Kravis Roberts &amp; Co. L.P., Cohen Private Ventures, LLC, Bregal Investments, Inc., StepStone Group LP, Sterling Fund Management, LLC and Snow Phipps Group, LLC (collectively, the &quot;Wengen Investors&quot;) have interests in the Issuer through Wengen.  The Reporting Persons and certain of the other Wengen Investors have designated representatives who serve as the members of the board of directors of Wengen GP.</footnote>
        <footnote id="F3">KKR 2006 Fund (Overseas), Limited Partnership may be deemed to indirectly beneficially own these shares of Class B Common Stock by virtue of the limited partnership interests it holds in Wengen.</footnote>
        <footnote id="F4">KKR Partners II (International), L.P. may be deemed to indirectly beneficially own these shares of Class B Common Stock by virtue of the limited partnership interests it holds in Wengen.  KKR PI-II GP Limited is the general partner of KKR Partners II (International), L.P.</footnote>
        <footnote id="F5">The Convertible Redeemable Preferred Stock, Series A (the &quot;Series A Preferred Stock&quot;) is convertible into Class A Common Stock (i) at the election of the holder upon the closing of a sale of the Issuer or Wengen or when Wengen ceases to control the Issuer (an &quot;Exit Event&quot;) or (ii) by the Issuer or the holder at any time after the initial public offering of the Issuer (&quot;IPO&quot;) commencing on the earlier to occur of one day following the first anniversary of the IPO and the time immediately prior to the effectiveness of a registration statement filed in connection with certain offerings following the IPO and shall be automatically converted into shares of Class A Common Stock to the extent outstanding on the date that is one day following the first anniversary of the IPO, subject to an extension of such period in certain circumstances, in each case, subject to all the terms and conditions as set forth in the Certificate of Designations of the Series A Preferred Stock.</footnote>
        <footnote id="F6">The Series A Preferred Stock is redeemable at the option of the Issuer, provided that the 30 day trailing price per share of the Class A Common Stock is at or below 85% of the price per share of the Class A Common Stock in the IPO, or, following the fifth anniversary of the issue date, at the request of the holder, in each case, at a redemption price per share equal to 115% of the sum of the $1,000 issue amount per share plus any accrued and unpaid dividends and subject to all other terms and conditions as set forth in the Certificate of Designations of the Series A Preferred Stock.</footnote>
        <footnote id="F7">Each share of Series A Preferred Stock is convertible into a number of shares of Class A Common stock equal to the $1,000 issue amount per share plus any accrued and unpaid dividends divided by a conversion price that is the lesser of $11.90 per share or 0.85 multiplied by the 30 day trailing price per share of the Class A Common Stock prior to the conversion date, provided that in no case shall the conversion price be less than $10.50, or, in connection with an Exit Event, into a number of shares of Class A Common Stock equal to the $1,000 issue amount per share plus any accrued and unpaid dividends divided by a conversion price equal to 0.85 multiplied by the implied equity value per share of Class A Common Stock at the closing of such transaction,  in each case, subject to all other terms and conditions as set forth in the Certificate of Designations of the Series A Preferred Stock.</footnote>
        <footnote id="F8">Represents 59,350 shares of Series A Preferred Stock held directly by KKR 2006 Fund (Overseas), Limited Partnership.</footnote>
        <footnote id="F9">Represents 650 shares of Series A Preferred Stock held directly by KKR Partners II (International), L.P. KKR PI-II GP Limited is the general partner of KKR Partners II (International), L.P.</footnote>
        <footnote id="F10">KKR Associates 2006 (Overseas), Limited Partnership is the general partner of KKR 2006 Fund (Overseas), Limited Partnership. KKR 2006 Limited is the general partner of KKR Associates 2006 (Overseas), Limited Partnership. KKR Fund Holdings L.P. is the sole shareholder of KKR 2006 Limited. KKR Fund Holdings GP Limited is a general partner of KKR Fund Holdings L.P. KKR Group Holdings L.P. is the sole shareholder of KKR Fund Holdings GP Limited and a general partner of KKR Fund Holdings L.P. KKR Group Limited is the general partner of KKR Group Holdings L.P. KKR &amp; Co. L.P. is the sole shareholder of KKR Group Limited. KKR Management LLC is the general partner of KKR &amp; Co. L.P. Messrs. Henry R. Kravis and George R. Roberts are the designated members of KKR Management LLC.</footnote>
        <footnote id="F11">Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein.  This filing shall not be deemed an admission that the Reporting Persons are subject to Section 16 of the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;) and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of any securities reported herein for purposes of Section 16 of the Exchange Act otherwise.</footnote>
    </footnotes>

    <remarks>Because no more than 10 reporting persons can file any one Form 3 through the Securities and Exchange Commission's EDGAR system, KKR Partners II (International), L.P., KKR PI-II GP Limited, KKR 2006 Fund (Overseas), Limited Partnership, KKR Associates 2006 (Overseas), Limited Partnership and KKR 2006 Limited have filed a separate Form 3. Exhibit 24 - Powers of Attorney</remarks>

    <ownerSignature>
        <signatureName>KKR Fund Holdings L.P. By: KKR Fund Holdings GP Limited, a General Partner By: /s/ Terence Gallagher Name: Terence Gallagher Title: Attorney-in-fact for William J. Janetscheck, Director</signatureName>
        <signatureDate>2017-01-31</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>KKR Fund Holdings GP Limited By: /s/ Terence Gallagher Name: Terence Gallagher Title: Attorney-in-fact for William J. Janetscheck, Director</signatureName>
        <signatureDate>2017-01-31</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>KKR Group Holdings L.P. By: KKR Group Limited, its General Partner By:  /s/ Terence Gallagher Name: Terence Gallagher Title: Attorney-in-fact for William J. Janetscheck, Director</signatureName>
        <signatureDate>2017-01-31</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>KKR Group Limited By: /s/ Terence Gallagher Name: Terence Gallagher Title: Attorney-in-fact for William J. Janetscheck, Director</signatureName>
        <signatureDate>2017-01-31</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>KKR &amp; Co. L.P. By: KKR Management LLC, its General Partner By:  /s/ Terence Gallagher Name: Terence Gallagher Title: Attorney-in-fact for William J. Janetscheck, Chief Financial Officer</signatureName>
        <signatureDate>2017-01-31</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>KKR Management LLC By:  /s/ Terence Gallagher Name: Terence Gallagher Title: Attorney-in-fact for William J. Janetscheck, Chief Financial Officer</signatureName>
        <signatureDate>2017-01-31</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Henry R. Kravis By:  /s/ Terence Gallagher Name: Terence Gallagher Title: Attorney-in-fact</signatureName>
        <signatureDate>2017-01-31</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>George R. Roberts By:  /s/ Terence Gallagher Name: Terence Gallagher Title: Attorney-in-fact</signatureName>
        <signatureDate>2017-01-31</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>ex-24.htm
<DESCRIPTION>EX-24
<TEXT>


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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;24</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Know all men by these presents that William J. Janetschek does hereby make, constitute and appoint David J. Sorkin, Terence Gallagher, and Christopher B. Lee, or any one of them, as a true and lawful attorney-in-fact of the undersigned with full powers of substitution and revocation, for and in the name, place and stead of the undersigned (both in the undersigned&#146;s individual capacity and as a manager or member of any limited liability company, as a partner of any partnership, as an officer of any corporate or other entity, or in the undersigned&#146;s capacity in a position similar to the foregoing at any entity, in each case, for which the undersigned is otherwise authorized to sign), to execute and deliver such forms, schedules, statements and other documents as may be required to be filed from time to time with the Securities and Exchange Commission with respect to: (i)&nbsp;Sections 13(d), 13(g), 13(f), 13(h)&nbsp;and 16(a)&nbsp;of the Securities Exchange Act of 1934, as amended, including without limitation, Schedule 13D, Schedule 13G, Form&nbsp;13F, Form&nbsp;13H, Form&nbsp;3, Form&nbsp;4 and Form&nbsp;5 and (ii)&nbsp;in connection with any applications for EDGAR access codes, including without limitation the Form&nbsp;ID.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ William J.   Janetschek</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: William J.   Janetschek</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: May&nbsp;28, 2014</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Know all men by these presents that Henry R. Kravis does hereby make, constitute and appoint William J. Janetschek, David J. Sorkin, Terence Gallagher, and Christopher B. Lee, or any one of them, as a true and lawful attorney-in-fact of the undersigned with full powers of substitution and revocation, for and in the name, place and stead of the undersigned (both in the undersigned&#146;s individual capacity and as a manager or member of any limited liability company, as a partner of any partnership, as an officer of any corporate or other entity, or in the undersigned&#146;s capacity in a position similar to the foregoing at any entity, in each case, for which the undersigned is otherwise authorized to sign), to execute and deliver such forms, schedules, statements and other documents as may be required to be filed from time to time with the Securities and Exchange Commission with respect to: (i)&nbsp;Sections 13(d), 13(g), 13(f), 13(h)&nbsp;and 16(a)&nbsp;of the Securities Exchange Act of 1934, as amended, including without limitation, Schedule 13D, Schedule 13G, Form&nbsp;13F, Form&nbsp;13H, Form&nbsp;3, Form&nbsp;4 and Form&nbsp;5 and (ii)&nbsp;in connection with any applications for EDGAR access codes, including without limitation the Form&nbsp;ID.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Henry R. Kravis</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Henry R. Kravis</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: May&nbsp;28, 2014</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Know all men by these presents that George R. Roberts does hereby make, constitute and appoint William J. Janetschek, David J. Sorkin, Terence Gallagher, and Christopher B. Lee, or any one of them, as a true and lawful attorney-in-fact of the undersigned with full powers of substitution and revocation, for and in the name, place and stead of the undersigned (both in the undersigned&#146;s individual capacity and as a manager or member of any limited liability company, as a partner of any partnership, as an officer of any corporate or other entity, or in the undersigned&#146;s capacity in a position similar to the foregoing at any entity, in each case, for which the undersigned is otherwise authorized to sign), to execute and deliver such forms, schedules, statements and other documents as may be required to be filed from time to time with the Securities and Exchange Commission with respect to: (i)&nbsp;Sections 13(d), 13(g), 13(f), 13(h)&nbsp;and 16(a)&nbsp;of the Securities Exchange Act of 1934, as amended, including without limitation, Schedule 13D, Schedule 13G, Form&nbsp;13F, Form&nbsp;13H, Form&nbsp;3, Form&nbsp;4 and Form&nbsp;5 and (ii)&nbsp;in connection with any applications for EDGAR access codes, including without limitation the Form&nbsp;ID.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ George R. Roberts</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: George R. Roberts</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: May&nbsp;28, 2014</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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