December 27, 2014 7:33 PM ET

Diversified Consumer Services

Company Overview of Education Management LLC

Company Overview

Education Management LLC provides post-secondary education programs in the United States. The company provides academic programs in undergraduate and graduate degrees, including doctoral degrees, as well as specialized non-degree diplomas in a range of disciplines, including design, media arts, health sciences, psychology and behavioral sciences, culinary, fashion, business, legal, education, and information technology. It offers education through The Art Institutes, Argosy University, the Brown Mackie Colleges, and South University, as well as through online instruction. The company was incorporated in 2006 and is based in Pittsburgh, Pennsylvania. Education Management LLC operates as a sub...

210 Sixth Avenue

Pittsburgh, PA 15222

United States

Founded in 2006

Phone:

412-995-7262

Fax:

412-606-9244

Key Executives for Education Management LLC

Chief Executive Officer and Director
Age: 55
Executive Chairman
Age: 66
President of The Art Institutes
Age: 51
President of Brown Mackie Colleges
Age: 54
President of EDMC Online Higher Education
Age: 51
Compensation as of Fiscal Year 2014.

Education Management LLC Key Developments

Education Management LLC and Education Management Finance Corp. Announce Final Results of Consent Solicitation to Amend Indenture Governing Senior Cash Pay/PIK Notes Due 2018

Education Management LLC and Education Management Finance Corp., each wholly-owned subsidiaries of Education Management Corporation announced the final results of their solicitation of consents to amend the indenture governing their Senior Cash Pay/PIK Notes due 2018. The Consent Solicitation was made in accordance with the terms and subject to the conditions stated in the Consent Solicitation Statement, dated August 27, 2014 and the related Master Consent, to holders of the Notes as of 5:00 p.m., New York City time on August 26, 2014. As of the expiration time of the Consent Solicitation, Holders of approximately $181.4 million, or 89.4%, of the outstanding aggregate principal amount of Notes provided consents in accordance with the terms of the Consent Solicitation Statement. Accordingly, the Issuers have received the requisite consents for the Proposed Amendments. The Issuers thus expect to promptly execute a supplemental indenture that contains the Proposed Amendments. Pursuant to this supplemental indenture, the Proposed Amendments will become operative once (i) Holders validly tendering consents in accordance with the Consent Solicitation Statement receive the consent payment described therein and (ii) not less than $150.0 million of the outstanding aggregate principal amount of the Notes are exchanged for a like principal amount of new Senior PIK Toggle Notes due 2018.

Education Management LLC Announces Second Amended and Restated Credit and Guaranty Agreement

On June 23, 2014, certain wholly-owned subsidiaries of Education Management Corporation, consisting of Education Management LLC and the other Credit Parties under that certain Second Amended and Restated Credit and Guaranty Agreement, dated as of February 13, 2007 and amended and restated as of December 7, 2010, entered into a limited waiver to the Credit Agreement with Lenders constituting the Requisite Lenders. Pursuant to the Waiver and subject to the Credit Parties' compliance with the requirements set out therein, the Consenting Lenders have agreed to waive until September 15, 2014 any potential Default or Event of Default arising from non-compliance with the Total Leverage Ratio or Interest Coverage Ratio covenants set out in the Credit Agreement for the Test Period ending on June 30, 2014. Requirements of the Waiver include, among others, that no later than July 18, 2014, EM LLC deliver a five-year business plan to the Administrative Agent; as promptly as practicable and in any event, within 30 days of the Waiver's effective date, the applicable Credit Parties take actions necessary to perfect the liens of the Collateral Agent on certain bank accounts; and no later than 30 days following the date of the Waiver, certain additional subsidiaries of Education Management Corporation become Credit Parties. In addition, from the effective date of the Waiver until its expiry, the Credit Parties have agreed not to make certain voluntary payments, Restricted Payments and Dispositions, subject, in each case, to specified exceptions.

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.

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