Capella Education, a provider of online post-secondary education, primarily through its wholly owned subsidiary Capella University, entered into an amended and restated revolving credit agreement.

The amended credit agreement continues to provide $100 million of borrowing capacity, with a conditional increase option of an additional $50 million. The agreement has a term of five years ending December 18, 2020 and replaces the previous five-year agreement scheduled to expire September 30, 2016.

Capella Education Company is entering into this amended credit agreement with Bank of America, as the administrative agent and a lender, and with other lenders including PNC Bank, Associated Bank and Bank of the West.

“This credit facility provides Capella with additional financial flexibility to support long-term sustainable growth and flexibility to consider future strategic growth initiatives,” said Steve Polacek, senior vice president and chief financial officer.

Additional information is available in Capella Education’s 8-K filing.