Laureate Education, a Baltimore-based company that owns and operates universities around the world, said Wednesday it hopes to raise almost $500 million in its previously announced public offering of its stock.
The firm is selling 29 million shares in the initial public offering, with pricing expected to settle between $17 and $20, according to a filing with the Securities and Exchange Commission.
Laureate has been gearing up for an IPO for more than a year, with plans to use the proceeds to help pay down its more than $4 billion in debt. The firm also raised more than $300 million by selling preferred stock in a private offering last month, with a final portion of the deal expected to close later this month. All told, it expects to bring in $383 million from the private offering.
Laureate was taken private in a $3.8 billion deal in 2007 by a group of investors that included Snow Phipps Co and Kohlberg Kravis Roberts & Co. That partnership will continue to control the firm after the stock offering, according to the SEC filing.
Laureate works with more than 70 institutions in 25 countries.