July 31, 2014 10:41 PM ET

Company Overview of Education Management Finance Corp.

Company Overview

Education Management Finance Corp. is based in Pittsburgh, Pennsylvania. The company operates as a subsidiary of Education Management Corporation.

210 Sixth Avenue

Pittsburgh, PA 15222

United States

Phone:

412-562-0900

Key Executives for Education Management Finance Corp.

Chairman
Age: 66
President of EDMC Online Higher Education
Age: 50
President of The Art Institutes
Age: 51
Senior Vice President
Age: 50
Chief Marketing Officer and Senior Vice President of Strategic Marketing
Age: 43
Compensation as of Fiscal Year 2014.

Education Management Finance Corp. Key Developments

Education Management LLC and Education Management Finance Corp. Announce Expiration and Final Results of Private Debt Exchange Offer

Education Management LLC and Education Management Finance Corp., to exchange their 8¾% Senior Notes due 2014 for (i) new Senior Cash Pay/PIK Notes due 2018 and (ii) cash. The Exchange Offer expired at midnight, New York City time, on March 1, 2013. As of the Expiration Date, $361,293,000 aggregate principal amount of the Old Notes, representing approximately 96% of the outstanding Old Notes, were validly tendered in the Exchange Offer. On the settlement date for the Exchange Offer, which the Issuers expect to be March 5, 2013, the issuers will issue $200,821,063 aggregate principal amount of New Notes and pay cash consideration in the aggregate of $168,723,478.34 in exchange for the old notes validly tendered and accepted in the Exchange Offer. This cash consideration includes cash in lieu of any fractional amount of New Notes not received as a result of rounding and accrued and unpaid interest in cash in respect of exchanged Old Notes from the last applicable interest payment date to, but not including, the Settlement Date.

Education Management LLC and Education Management Finance Corp. Announce Early Tender Results and Determination of Total Consideration for the Private Debt Exchange Offer

Education Management Corporation announced the results, as of 5:00 p.m., ET, on February 14, 2013, of the private offer by Education Management LLC and Education Management Finance Corp. to exchange their 8¾% Senior Notes due 2014 for new Senior Cash Pay/PIK Notes due 2018 and cash. The issuers were advised by the exchange agent for the exchange offer that, as of the early tender deadline, a total of $359,813,000 aggregate principal amount of outstanding old notes, representing approximately 96% of the outstanding old notes, were validly tendered in the exchange offer. Therefore, upon the terms and subject to the conditions of the exchange offer, the total consideration amount payable for each $1,000 principal amount of old notes validly tendered at or prior to the early tender deadline and accepted for exchange, will consist of cash consideration of $444.16 and $555.84 of new notes. The exchange consideration amount payable for each $1,000 principal amount of old notes validly tendered and accepted for exchange after the early tender deadline but on or prior to midnight, ET on March 1, 2013, will consist of cash consideration of $414.16 and $555.84 of new notes. In addition, holders whose old notes are exchanged in the exchange offer will receive accrued and unpaid interest in cash in respect of their exchanged old notes from the last applicable interest payment date to, but not including, the settlement date for the exchange offer. The condition to the completion of the exchange offer that old notes with an aggregate principal amount of at least $318,750,000, representing 85% of the outstanding aggregate principal amount of old notes, has been satisfied. The exchange offer is subject to certain conditions set forth in the confidential offering circular relating to the exchange offer. The Issuers reserve the right, subject to applicable law, to terminate, withdraw or amend the exchange offer at any time and from time to time, as described in the offering circular. The new notes will be issued by the Issuers and guaranteed by Education Management Corporation and all of the company's existing direct and indirect domestic restricted subsidiaries, other than any subsidiary that directly owns or operates a school or has been formed for such purpose and has no material assets. Cash interest on the new notes will accrue at the rate of 15% per annum. For any interest period after March 30, 2014 up to and including July 1, 2018, interest in addition to the cash interest payable as described in the previous sentence will be paid by increasing the principal amount of the outstanding new notes or by issuing additional new notes. PIK Interest on the new notes will accrue at a rate of 1.0% per annum for the period from March 30, 2014 through and including March 30, 2015, 2.0% per annum for the period from March 30, 2015 through and including March 30, 2016, 3.0% per annum for the period from March 30, 2016 through and including March 30, 2017 and 4.0% per annum for the period from March 30, 2017 through and including July 1, 2018.

Education Management LLC and Education Management Finance Corp. Commence Private Offer to Exchange 83/4% Senior Notes Due 2014

Education Management LLC and Education Management Finance Corp. commenced a private offer to exchange their 83/4% Senior Notes due 2014 for new Senior Cash Pay/PIK Notes due 2018 and cash. In addition, holders whose old notes are exchanged in the Exchange Offer will receive accrued and unpaid interest in cash in respect of their exchanged old notes from the last applicable interest payment date to, but not including, the settlement date for the Exchange Offer. It is a condition to the completion of the Exchange Offer that old notes with an aggregate principal amount of at least $318,750,000, representing 85% of the outstanding aggregate principal amount of old notes, be validly tendered (and not validly withdrawn) on or prior to the expiration date. On February 1, 2013, the issuers entered into exchange agreements with certain institutional investors that are holders of certain of the old notes, pursuant to which such holders agreed to participate in the Exchange Offer. The holders have agreed to tender approximately $330.7 million aggregate principal amount of old notes, representing 88.2% of the outstanding aggregate principal amount of old notes. Cash interest on the new notes will accrue at the rate of 15% per annum. For any interest period after March 30, 2014 up to and including July 1, 2018, interest in addition to the cash interest payable as described in the previous sentence will be paid by increasing the principal amount of the outstanding new notes or by issuing additional new notes. PIK Interest on the new notes will accrue at a rate of 1.0% per annum for the period from March 30, 2014 through and including March 30, 2015, 2.0% per annum for the period from March 30, 2015 through and including March 30, 2016, 3.0% per annum for the period from March 30, 2016 through and including March 30, 2017 and 4.0% per annum for the period from March 30, 2017 through and including July 1, 2018.

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