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|Education Management Corporation Commences Initial Public Offering of Common Stock|
PITTSBURGH, Pennsylvania, September 21, 2009 – Education Management Corporation (the “Company”) today announced that it has commenced an initial public offering of 20,000,000 shares of its common stock. All shares included in the initial public offering are being offered by the Company. The estimated range for the initial public offering price is $18.00 to $20.00 per share. The shares are expected to be approved for listing on The NASDAQ Global Market under the ticker symbol “EDMC”. The underwriters have the option to purchase from the Company up to an additional 3,000,000 shares of common stock, on the same terms and conditions, to cover over-allotments, if any.
The Company intends to use the net proceeds from the offering to repay a portion of indebtedness of its subsidiary, Education Management LLC, to pay a termination fee under a Management Agreement with certain of its shareholders and, if any proceeds remain, for general corporate purposes.
Goldman, Sachs & Co. and J.P. Morgan, along with BofA Merrill Lynch, Barclays Capital, Credit Suisse and Morgan Stanley will act as the joint bookrunning managers for this offering. Robert W. Baird & Co., William Blair & Company, BMO Capital Markets, Piper Jaffray, Signal Hill, Stifel Nicolaus and Barrington Research will act as co-managers.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of such shares of common stock in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering of these securities will be made only by means of a prospectus, copies of which may be obtained from Goldman, Sachs & Co. at Prospectus Department, 85 Broad Street, New York, New York 10004 (facsimile: 212-902-9316; email: firstname.lastname@example.org) and J.P. Morgan Securities Inc. at National Statement Processing, Prospectus Library, 4 Chase Metrotech Center, CS Level, Brooklyn, New York, NY, 11245 (Phone: 718-242-8002).
About the Company
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