Laureate Education is inching closer to its IPO
A pair of SEC updates from the for-profit higher-ed company points to a new push toward going public.
By Stephen Babcock / REPORTER
More than a year after its first filing, Laureate Education appears set to move forward with its initial public offering (IPO).
The Harbor East-based for-profit higher-education company indicated in SEC filings in recent weeks that it is preparing to go public.
A December update to its SEC filing says the company will trade on the Nasdaq using the symbol LAUR. A second filing issued this week said it would offer 29 million shares priced between $17 and $20 per share. That would put the company’s raise at around $500 million.
Laureate, which owns for-profit universities in 25 countries, was a public company from 1993-2007. The announcement said this IPO is being offered in part to pay down its $4.2 billion in debt. Continue reading
Laureate Education launches FCPA probe into charitable donation
Jaclyn Jaeger| December 20, 2016
Laureate Education, a for-profit higher education institution, said that it is conducting an internal investigation into possible violations of the U.S. Foreign Corrupt Practices Act concerning an $18 million donation that one of its network institutions made in Turkey to a charitable foundation.
“We believed the donation was encouraged by the Turkish government to further a public project supported by the government and expected that it would enhance the position and ongoing operations of our institution in Turkey,” Laureate Education stated in a filing with the Securities and Exchange Commission.
Apax rachète les écoles françaises du groupe Laureate
Cécile Peltier | Publié le 20.04.2016 à 18H27
Le géant américain Laureate va céder ses écoles françaises au fonds d’investissement Apax Partners, déjà propriétaire de l’Inseec. Le montant de cette vente, qui fait émerger un nouveau mastodonte de l’enseignement supérieur privé, n’a pas été communiqué.
Les cinq écoles mises en vente par le groupe Laureate Education – EBS, ESCE, ECE, IFG et CEPC – vont passer sous pavillon français. Le leader mondial de l’enseignement supérieur privé a annoncé, le 19 avril 2016, la signature d’un accord de cession de sa filiale française à Apax Partners. Le fonds d’investissement français refuse pour l’instant de communiquer sur le montant de la transaction, qui doit être finalisée d’ici à la fin juin, après avoir reçu le feu vert de l’Autorité de la concurrence.
ITT Educational Services Files for Bankruptcy After Shutdown
Dawn McCarty Shahien Nasiripour
September 16, 2016 Updated on September 17, 2016
ITT Educational Services Inc. began liquidation proceedings in an Indianapolis bankruptcy court Friday after closing 136 technical schools, leaving over 35,000 students stranded in one of the largest college shutdowns in U.S. history.
The 50-year-old for-profit college operator, which had campuses in 38 states, said it was forced to close its doors after the U.S. Education Department demanded a steep increase in the security the company would have to post to guarantee federal student aid. More than 8,000 employees were affected by the shutdown, with the majority losing their jobs, Carmel, Indiana-based ITT said. The company announced this week that it would cease all operations Friday. Continue reading
The Clinton For-Profit College Standard
ITT’s biggest mistake was not putting Bill Clinton on the payroll.
Sept. 6, 2016
ITT Technical Institute folded on cue Tuesday after the Obama Administration issued a regulatory death warrant last month. ITT investors must be wishing they had ponied up for political protection like Laureate International Universities, the for-profit college that paid Bill Clinton $17.6 million to serve as its “honorary chancellor.”
ITT’s decision to close all of its 130 some campuses—stranding 40,000 students and 8,000 employees—comes after the Education Department barred new enrollees from tapping federal aid, delayed loan reimbursements and raised its collateral by $153 million. ITT had a mere $78 million on hand at the end of June and no way of meeting the Administration’s cash demand. Continue reading
ITT Technical Institute’s Closing Leaves For-Profit College Industry Struggling To Survive
SEP 7, 2016
CCAP , CONTRIBUTOR
The announcement yesterday that ITT Technical Institute, with some 130 campuses and 40,000 students, was abruptly closing made page one in leading newspapers across the country, and is a major milestone in the Obama Administration’s war on for-profit colleges and universities. The ITT closure joins that of Corinthian Colleges last year, leaving a once vital and important segment of American higher education struggling to survive. Can the remainder of the industry last the 135 days or so until this administration is out of office? If Hillary Clinton is elected, will she continue to try to wipe out the vestiges of a once vibrant contributor to innovation in higher education? After all, husband Bill allegedly collected $17.6 million from a for-profit provider to serve as its bogus “chancellor”—will the potential of some future kleptomania keep the Clintons from doing to the for-profits what Attila the Hun did to the Roman Empire? Try to finish it off? Or, will Trump save the day? Continue reading
by ANTHONY DIMAGGIO
SEPTEMBER 5, 2016
The rapid decline of the ITT for profit-college may represent a pivotal moment in modern history, as seen in rising challenges to predatory capitalism. ITT is in deep trouble, subject to numerous lawsuits, from the Securities and Exchange Commission and Consumer Finance and Protection Bureau (CFPB) for defrauding students. The con that is for-profit education is finally being exposed, and these “higher learning” institutions are increasingly recognized for their rapacious treatment of students. Within this context, the Wall Street Journal seeks to reframe the attack on ITT as the work of the big, bad government, which is committed to stifling the liberties inherent in private enterprise. Contrary to the paper’s propaganda, however, the narrative of for-profit colleges as a beleaguered David facing the onslaught of a brutal government Goliath bears little resemblance to reality. Continue reading
How ITT Tech Sold Itself To Students
‘You’re Dealing With A One-Call Close:’ How ITT Tech Sold Itself To Students
By ROWAN MOORE GERETY •
Before he moved to Miami, Waltter Teruel sold antiques and life insurance in New York. Working as a recruiter at ITT Technical Institute in Hialeah was a welcome change. “I mean, if you’re a salesperson, you have to lie through your teeth,” he said, “but in this case, it’s one of the sales where you actually don’t have to lie at some point.”
Everything ITT students need to know now that the for-profit school has closed
By Danielle Douglas-Gabriel September 7
The Chantilly, Va., campus of ITT Technical Institute sits closed and empty on Tuesday, Sept. 6, 2016. (Photo by Jahi Chikwendiu/The Washington Post)
The abrupt closure of ITT Technical Institutes on Tuesday left 35,000 students without degrees that many took on debt to complete. None of the options available to those students are simple and each comes with its own set of drawbacks. Continue reading
Scrambling for Options
With ITT Tech headed toward possible collapse, its students begin weighing whether to transfer or to seek to have their federal loans forgiven.
September 1, 2016
Ashley A. Smith
When Corinthian Colleges collapsed last year, the for-profit chain’s students suddenly found their classroom doors locked. Students at ITT Technical Institute now face similar worries as it looks like the end of the road for the for-profit institution and its 130 campuses.
Last week, after years of investigations, the U.S. Department of Education banned ITT Tech from enrolling new students who receive federal funding while also increasing financial oversight with several measures. This week ITT posted a notice on its website stating it was no longer enrolling new students. Continue reading