Brief: American Public Education Says Deal To Acquire Rasmussen University

American Public Education

29/10/2020 02:25

Oct 28 (Reuters) - American Public Education Inc  APEI.O :
    * AMERICAN PUBLIC EDUCATION, INC. ("APEI") ANNOUNCES
TRANSFORMATIONAL DEAL TO ACQUIRE RASMUSSEN UNIVERSITY, THE
LARGEST EDUCATOR OF ADN NURSES
    * Q3 EARNINGS PER SHARE $0.18
    * Q3 EARNINGS PER SHARE ESTIMATE $0.08 -- REFINITIV IBES
DATA
    * PURCHASE PRICE IS $329 MILLION, CONSISTING OF $300 MILLION
IN
CASH PLUS $29 MILLION IN PREFERRED SHARES
    * AMERICAN PUBLIC EDUCATION - APEI EXPECTS TO FUND DEAL WITH
A
COMBINATION OF CASH ON HAND OF APPROXIMATELY $125 MILLION, NOT
INCLUDING TRANSACTION COSTS
    * AMERICAN PUBLIC EDUCATION - APEI ALSO EXPECTS TO FUND
TRANSACTION WITH UP TO $175 MILLION OF FULLY COMMITTED DEBT
FINANCING FROM MACQUARIE CAPITAL
    * AMERICAN PUBLIC EDUCATION - POST-ACQUISITION APEI EXPECTS
TO
HAVE ABOUT $31 MILLION OF NET INCOME; APPROXIMATELY $100 MILLION
OF ADJUSTED EBITDA FOR 2021
    * RASMUSSEN WILL CONTINUE TO OPERATE AS A SEPARATELY
ACCREDITED
INSTITUTION AFTER CLOSING
    * PRELIM QTRLY CONSOLIDATED REVENUE WAS $79.1 MILLION, AN
INCREASE
OF 16.6% COMPARED TO Q3 OF 2019
    * Q3 REVENUE VIEW $76.4 MILLION -- REFINITIV IBES DATA

Source text for Eikon:  ID:nPn7nJH4Ma 
Further company coverage:  APEI.O 

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