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Corinthian Colleges Completes Acquisition Of Heald Capital LLC - Quick Facts

Tuesday, Corinthian Colleges Inc. (COCO) said it has completed the acquisition of Heald Capital LLC, the parent company of Heald College. Heald is a regionally accredited institution that has been delivering quality, career-focused academic programs since 1863.

Under the terms of the acquisition, Corinthian stated that it paid $395 million in exchange for all outstanding membership interests of Heald Capital LLC, including the assumption of around $23.4 million in debt related to a Heald subsidiary. Corinthian also paid an estimated working capital adjustment of $22.2 million that is subject to revision once the closing balance sheet is finalized. Corinthian said it has financed the acquisition through a combination of cash and debt, including borrowings under its $280 million credit facility and available cash.

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