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EXHIBIT 99.01
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FOR IMMEDIATE RELEASE
FOR MORE INFORMATION CONTACT:
Xxxx X. Xxxxx, Senior Vice President and
Chief Financial Officer
(000) 000-0000
Xxxxx Xxxxx, Vice President,
Corporate Communications
(000) 000-0000
xxxxx.xxxxx@xxxxxxx.xxx
XXXXXXX EDUCATION, INC. FILES THREE MILLION SHARE
SECONDARY OFFERING OF COMMON STOCK
ARLINGTON, Va., February 3, 2004 - Xxxxxxx Education, Inc. (the "Company")
(Nasdaq: STRA) announced today that it has filed a registration statement with
the Securities and Exchange Commission for a proposed secondary offering of
three million shares of common stock. The Company will not receive any of the
proceeds of the offering.
The common shares proposed to be offered for sale will result from the
conversion of convertible preferred stock and the partial exercise of an option
currently held by New Mountain Partners, L.P., New Mountain Strayer Trust and
MidOcean Capital Investors, L.P. The selling shareholders are expected to grant
the underwriters an option to purchase an additional 450,000 shares of common
stock to cover over-allotments, if any. This filing is being made pursuant to
the exercise of existing registration rights held by the selling shareholders.
After giving effect to the offering excluding the over-allotment, the selling
shareholders will continue to own approximately 13% of Xxxxxxx'x equity
securities.
The managing underwriters for the offering are Credit Suisse First Boston, Banc
of America Securities LLC, JPMorgan, Xxxx Xxxxx Xxxx Xxxxxx Incorporated, Xxxxxx
Brothers and Xxxxxx Xxxxxx Partners LLC.
A registration statement relating to these securities has been filed with the
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
the registration statement becomes effective. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state. When available, copies of the
prospectus relating to the offering may be obtained from Credit Suisse First
Boston, 00 Xxxxxxx Xxxxxx, Xxx Xxxx, XX, 00000 (tel: 000 000-0000).
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Xxxxxxx Education, Inc. (Nasdaq: STRA) is an education services holding company
that owns Xxxxxxx University and certain other assets. Xxxxxxx'x mission is to
make higher education achievable and convenient for working adults in today's
economy. Xxxxxxx University is a proprietary institution of higher learning that
offers undergraduate and graduate degree programs in business administration,
accounting, information technology, education, and public administration to more
than 20,000 working adult students at 25 campuses in Maryland, North Carolina,
Pennsylvania, Tennessee, Virginia and Washington, D.C. and worldwide via the
Internet through Xxxxxxx University Online. Xxxxxxx University is committed to
providing an education that prepares working adult students for advancement in
their careers and professional lives. Founded in 1892, Xxxxxxx University is
accredited by the Middle States Commission on Higher Education.
For more information on Xxxxxxx Education, Inc., visit xxx.xxxxxxxxxxxxxxxx.xxx
and for Xxxxxxx University visit xxx.xxxxxxx.xxx.
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