Daily News: April 20, 2012

JPMorgan Chase Agents $625 Million to Apollo Group


On April 18, 2012, Apollo Group, Inc. entered into a five-year $625 million multi-currency revolving credit agreement with JPMorgan Chase Bank as administrative agent.

The company may, subject to customary conditions, increase the aggregate revolving commitments by up to an additional $375 million, subject to, among other things, the receipt of revolving commitments for the increased amounts. The credit agreement replaces Apollo’s existing $500 million senior revolving credit facility.

The credit agreement may be used for dollar-denominated revolving loans and for revolving loans denominated in certain foreign currencies, swingline loans and letters of credit, in each case up to sublimits specified therein. The facility is unsecured and guaranteed by the company’s material domestic subsidiaries.

Revolving loans under the credit agreement will bear interest at a reserve and cost-adjusted LIBOR plus a margin ranging between 1.25% and 1.85% depending upon our then current leverage ratio.

Apollo Group, Inc. is a private education provider and has been in the education business for more than 35 years. The company offers innovative and distinctive educational programs and services both online and on-campus at the undergraduate, master’s and doctoral levels.