Adtalem Global Education Inc. filed SEC Form 8-K: Other Events, Creation of a Direct Financial Obligation, Financial Statements and Exhibits, Entry into a Material Definitive Agreement
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Item 8.01. Other Events.
On August 21, 2024, we entered into Amendment No. 3 to Credit Agreement (the “Amendment”), by and among Adtalem Global Education Inc. (“Adtalem”), the guarantors party thereto, the lender party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent (in such capacity, the “Administrative Agent”), which amended our Credit Agreement, dated as of August 12, 2021 (as amended from time to time, the “Existing Credit Agreement”, and the Existing Credit Agreement, as amended by the Amendment, the “Amended Credit Agreement”), by and among Adtalem, the lenders from time to time party thereto and the Administrative Agent, in order to, among other things, reprice all of our outstanding term loans thereunder. Term loan borrowings under the Amended Credit Agreement bear interest at a rate per annum equal to, at our option, Term SOFR plus 2.75% or an alternate base rate plus 1.75%. The Amendment resulted in a 0.75% reduction in our interest rate margins, and removed the leverage-based pricing grid.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended Credit Agreement, a copy of which is filed as Exhibit 4.1, and is incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 8.01 of this Current Report on Form 8-K is incorporated into this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
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104 | Cover Page Interactive Data File (formatted in Inline XBRL and included as Exhibit 101) |
*Certain schedules and similar attachments have been omitted in reliance on Instruction 4 of Item 1.01 of Form 8-K and Item 601(a)(5) of Regulation S-K. Adtalem will provide, on a supplemental basis, a copy of any omitted schedule or attachment to the Securities and Exchange Commission or its staff upon request.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ADTALEM GLOBAL EDUCATION INC. | ||
By: | /s/ Robert J. Phelan | |
Robert J. Phelan | ||
Senior Vice President and Chief Financial Officer (Principal Financial Officer) | ||
Date: August 26, 2024