BEIJING, Dec. 28, 2020 /PRNewswire/ -- TAL Education Group
(NYSE: TAL) ("TAL" or the "Company"), a leading K-12 after-school
tutoring services provider in China, today announced that a group of
investors has agreed to invest an aggregate of $3.3 billion in the Company through private
placement, of which $2.3 billion is
in convertible notes (the "Convertible Notes Portion"), and
$1 billion is in newly issued Class A
common shares (the "Equity Portion") of the Company. Silver Lake, a
global leader in technology investing, led the Convertible Notes
The transaction is subject to customary closing conditions and
the closing is expected to take place in the near future.
Immediately following the closing of the transaction, assuming the
conversion of the entire Convertible Notes Portion into shares, the
Convertible Notes Portion and the Equity Portion will account for
4.3% and 2.2% of the Company's outstanding shares, respectively.
The investors have each agreed not to sell, transfer or dispose of
any securities acquired in the transaction for six months after the
closing. The convertible notes will bear an interest of 0.50% per
annum, mature on February 1, 2026,
and be convertible into American depositary shares ("ADSs") of the
Company at the holder's option.
"We welcome this round of investment as an endorsement of our
unwavering commitment to providing a better learning experience for
the student community." said Bangxin Zhang, Chief Executive Officer
"We are pleased to invest in TAL as China's leading EdTech platform and have
strong conviction in the Company's leadership position and growth
prospects in the education space," said Ken
Hao, Chairman of Silver Lake.
The issuance of the securities is exempt from registration under
the Securities Act of 1933, as amended (the "Securities Act")
pursuant to Section 4(2) of the Securities Act regarding
transactions not involving a public offering and is made in
reliance on, and in compliance with, Regulation S under the
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. The Company may
also make written or oral forward-looking statements in its reports
filed with, or furnished to, the U.S. Securities and Exchange
Commission, in its annual reports to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about the
Company's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. Information regarding these risks and uncertainties
is included in the Company's reports filed with, or furnished to
the U.S. Securities and Exchange Commission. All information
provided in this press release and in the attachments is as of the
date of this press release, and TAL Education Group undertakes no
duty to update such information or any forward-looking statement,
except as required under applicable law.
About TAL Education Group
TAL Education Group is a leading K-12 after-school tutoring
services provider in China. The
acronym "TAL" stands for "Tomorrow Advancing Life", which reflects
our vision to promote top learning opportunities for Chinese
students through both high-quality teaching and content, as well as
leading edge application of technology in the education experience.
TAL Education Group offers comprehensive tutoring services to
students from pre-school to the twelfth grade through three
flexible class formats: small classes, personalized premium
services, and online courses. Our tutoring services cover the core
academic subjects in China's
school curriculum as well as competence oriented programs. The
Company's learning center network currently covers 91 cities. We
also operate www.jzb.com, a leading online education platform in
China. Our ADSs trade on the New
York Stock Exchange under the symbol "TAL".
About Silver Lake
Silver Lake is a global technology investment firm, with
approximately $75 billion in combined
assets under management and committed capital and a team of
professionals based in North
America, Europe and
Asia. Silver Lake's portfolio of
investments collectively generates more than $180 billion of revenue annually and employs more
than 400,000 people globally. For more information about Silver
Lake and its portfolio, please visit www.silverlake.com.
For further information, please contact:
TAL EDUCATION GROUP
TAL Education Group
Tel: +86 10 5292 6658
Tel: +31 6 5462 4301
Tel: +1 646 565 1792
SOURCE TAL Education Group