FOR MORE INFORMATION CONTACT: Mark C. Brown, Senior Vice President and Chief Financial Officer (703) 247-2514Secondary Offering Agreement • March 15th, 2004 • Strayer Education Inc • Services-educational services
ARLINGTON, Va., March 15, 2004 -- Strayer Education, Inc. (the "Company") (Nasdaq: STRA) announced today that its previously announced secondary offering of common stock closed earlier today. The 3.45 million shares sold in the offering include 450,000 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 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., as well as the exercise of options held by certain of the Company's management, who sold a total of 115,000 shares in the offering. This offering was made pursuant to the exercise of existing registration rights held by the selling shareholders. After giving effect to the offering, New Mountain will continue to beneficially own approximately 11% of Strayer's equ
