Adtalem Global Education Files 8-K on Financial Obligations

Ticker: CVSA · Form: 8-K · Filed: 2024-08-26T00:00:00.000Z

Sentiment: neutral

Topics: debt, filing, financial-obligation

Related Tickers: ATGE

TL;DR

Adtalem just filed an 8-K detailing new financial obligations. Watch their balance sheet.

AI Summary

Adtalem Global Education Inc. filed an 8-K on August 26, 2024, reporting events as of August 21, 2024. The filing primarily concerns the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement, along with other events and financial statements/exhibits.

Why It Matters

This filing indicates Adtalem Global Education Inc. has entered into new financial obligations, which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — The creation of new financial obligations can introduce financial risk and impact the company's leverage and liquidity.

Key Players & Entities

FAQ

What specific financial obligation was created by Adtalem Global Education Inc.?

The filing indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement, but the specific details of this obligation are not provided in the summary information.

What is the significance of the 'Other Events' section in this 8-K filing?

The 'Other Events' section suggests that Adtalem Global Education Inc. is reporting additional material events that occurred on or before August 21, 2024, beyond the financial obligation.

What does the inclusion of 'Financial Statements and Exhibits' imply for this filing?

This indicates that Adtalem Global Education Inc. is providing supporting financial documents and exhibits that are relevant to the reported events, likely including details about the new financial obligation.

What is the primary purpose of an 8-K filing for a company like Adtalem Global Education Inc.?

An 8-K filing is used to announce major corporate events that shareholders should know about, such as the creation of financial obligations, as reported by Adtalem Global Education Inc.

What is the earliest event date reported in this 8-K filing?

The earliest event reported in this 8-K filing for Adtalem Global Education Inc. is August 21, 2024.

Filing Stats: 725 words · 3 min read · ~2 pages · Grade level 10.3 · Accepted 2024-08-26 16:30:23

Key Financial Figures

Filing Documents

01. Other Events

Item 8.01. Other Events. On August 21, 2024, we entered into Amendment No. 3 to Credit Agreement (the "Amendment"), by and among Adtalem Global Education Inc. ("Adtalem"), the guarantors party thereto, the lender party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent (in such capacity, the "Administrative Agent"), which amended our Credit Agreement, dated as of August 12, 2021 (as amended from time to time, the "Existing Credit Agreement", and the Existing Credit Agreement, as amended by the Amendment, the "Amended Credit Agreement"), by and among Adtalem, the lenders from time to time party thereto and the Administrative Agent, in order to, among other things, reprice all of our outstanding term loans thereunder. Term loan borrowings under the Amended Credit Agreement bear interest at a rate per annum equal to, at our option, Term SOFR plus 2.75% or an alternate base rate plus 1.75%. The Amendment resulted in a 0.75% reduction in our interest rate margins, and removed the leverage-based pricing grid. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended Credit Agreement, a copy of which is filed as Exhibit 4.1, and is incorporated herein by reference. Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 8.01 of this Current Report on Form 8-K is incorporated into this Item 2.03.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. 4.1 Amendment No. 3 to Credit Agreement, dated as of August 21, 2024, among Adtalem Global Education Inc., the other guarantors party thereto, the lender party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent. 104 Cover Page Interactive Data File (formatted in Inline XBRL and included as Exhibit 101) *Certain schedules and similar attachments have been omitted in reliance on Instruction 4 of Item 1.01 of Form 8-K and Item 601(a)(5) of Regulation S-K. Adtalem will provide, on a supplemental basis, a copy of any omitted schedule or attachment to the Securities and Exchange Commission or its staff upon request.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ADTALEM GLOBAL EDUCATION INC. By: /s/ Robert J. Phelan Robert J. Phelan Senior Vice President and Chief Financial Officer (Principal Financial Officer) Date: August 26, 2024

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