Education services provider Laureate Education Inc. said Feb. 1 that it paid down $350 million of the principal outstanding amount under its series 2024 term loans, bringing down its balance to $1.24 billion.
Laureate also said it has amended its second amended and restated credit agreement to reduce the applicable interest rate on its series 2024 term loans. According to a same-day regulatory filing, Laureate and Citibank NA entered into a first amendment to their second amended and restated credit agreement dated April 26, 2017, which reduced the interest rate margin applicable to the outstanding term loans to 3.50% for LIBOR term loans and 2.50% for alternate base term loans.
"We believe these transactions will increase free cash flow and provide our company with greater operating flexibility," Executive Vice President and CFO Jean-Jacques Charhon said in the release.
