ARLINGTON, VA, November 20, 2002 - Strayer Education, Inc. (the "Company") (Nasdaq: STRA - News) announced today that its previously announced secondary offering of common stock closed earlier today. The number of shares sold in the offering (2.3 million shares) includes 0.3 million shares sold pursuant to the exercise of the underwriters' over-allotment option. The Company will not receive any of the proceeds of the offering.
The common shares were issued following the conversion of convertible preferred stock held by New Mountain Partners, L.P., a private equity firm, and DB Capital Partners, Inc., an affiliate of Deutsche Bank. The offering was made pursuant to the exercise of existing registration rights held by New Mountain and DB Capital. After giving effect to the offering, New Mountain continues to beneficially own in excess of 25% of Strayer's equity securities.
The managing underwriters for the offering were Credit Suisse First Boston, Banc of America Securities LLC and Legg Mason Wood Walker Incorporated.
Strayer Education, Inc. (Nasdaq: STRA - News; http://www.strayereducation.com) is an education services holding company which owns Strayer University and certain other assets. Strayer's mission is to make higher education achievable and convenient for working adults in today's economy.
Strayer University (http://www.strayer.edu ) is a proprietary institution of higher learning which offers undergraduate and graduate degree programs in Business Administration, Accounting, and Information Technology to more than 16,500 working adult students at 20 campuses in Maryland, Washington, D.C., Virginia, and North Carolina and via the Internet through Strayer ONLINE. Strayer University is committed to providing an education that prepares working adult students for advancement in their careers and professional lives. By constantly adapting to the latest techniques and technologies used in business, we provide our graduates with practical skills and a competitive edge in the changing marketplace.
Strayer University is accredited by the Middle States Commission on Higher Education. Founded in 1892, Strayer attracts students both nationally and internationally.