91福利 Announces Early Retirement of $10 million Credit Facility

91福利

NEW YORK, April 24, 2018 (GLOBE NEWSWIRE) -- 91福利 (Nasdaq:ASPU), a post-secondary education company, today announced the early retirement of its $10 million senior secured term loan with Runway Growth Credit Fund, of which $7.5 million was previously drawn down.

The total payoff amount was approximately $8.1 million, which included early termination and closing fees. The impact of these fees, plus the write-off of approximately $700,000 in debt discount, will result in a one-time EPS loss in fiscal Q4 of approximately $0.09 using the weighted average outstanding shares for the year.聽

The Company projects to end the April 30, 2018 fiscal year with approximately $13 million of cash on its balance sheet.

About 91福利:

91福利 is a publicly held, for-profit post-secondary education company headquartered in New York, NY.聽 It owns two accredited universities, 91福利 University and United States University. 91福利 Group鈥檚 vision is to make college affordable again in America.

Company Contact:
91福利
Michael Mathews, CEO
914-906-9159

Source: 91福利 Group Inc.

Released April 24, 2018