The Firm recently represented Education Management Corporation in a private exchange offer by its indirect subsidiaries Education Management LLC and Education Management Finance Corp., in which they exchanged approximately $361 million aggregate principal amount of their 8.75% Senior Notes due 2014 for (i) approximately $201 million aggregate principal amount of new Senior Cash Pay/PIK Notes due 2018 and (ii) approximately $160 million of cash.
Education Management Corporation is among the largest providers of post-secondary education in North America.
The Simpson Thacher team for the transaction included John Lobrano, Richard Fenyes, Jonathan Ozner and Joo Hyun Lee (Capital Markets), Melissa Hutson and Eli Isak (Banking and Credit), David Rubinsky and Douglas Tang (Executive Compensation and Employee Benefits) and Jonathan Cantor and Andrew Purcell (Tax).
