SAN DIEGO, Nov. 17, 2017 /PRNewswire/ -- Bridgepoint
Education, Inc. (NYSE: BPI) ("Bridgepoint") announced today the
pricing of the previously announced underwritten secondary offering
by an affiliate of Warburg Pincus LLC ("the Selling Stockholder")
of 7,562,890 shares of Bridgepoint's common stock. Immediately
following completion of the offering, the Selling Stockholder will
not beneficially own any of Bridgepoint's outstanding common
stock.
Bridgepoint has agreed to repurchase from the underwriter
2,100,000 of such shares at a price per share equal to the price
per share paid by the underwriter to the Selling Stockholder in the
offering.
Closing of the offering is expected to occur on November 21, 2017, subject to customary closing
conditions. All of the shares are being sold by the Selling
Stockholder, and the Selling Stockholder will receive all of the
net proceeds from the offering. No shares are being sold by
management or Bridgepoint.
BTIG, LLC is acting as the sole book-running manager for the
offering. The underwriter may offer the shares of common
stock from time to time for sale in one or more transactions on the
NYSE, in the over-the-counter market, through negotiated
transactions or otherwise at market prices prevailing at the time
of sale, at prices related to prevailing market prices or at
negotiated prices.
Bridgepoint filed a shelf registration statement (including a
prospectus) on Form S-3 with the Securities and Exchange Commission
("SEC") for the offering to which this communication relates and
the registration statement was declared effective by the SEC on
November 13, 2017. The offering
of these securities is being made only by means of a preliminary
prospectus supplement and the accompanying prospectus. Before
you invest, you should read the preliminary prospectus supplement
and the accompanying prospectus and the documents incorporated by
reference in that registration statement for more complete
information about Bridgepoint and the offering. You may obtain
electronic copies of these documents for free by visiting the SEC's
website at www.sec.gov. Alternatively, copies of the preliminary
prospectus supplement and the accompanying prospectus, when
available, may also be obtained by contacting BTIG, LLC at 825 3rd
Ave, 6th FL, New York, NY 10022,
email: USSyndicate@btig.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy shares of common stock, nor shall
there be any sale of these securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
About Bridgepoint Education
Bridgepoint Education, Inc. (NYSE:BPI) harnesses the latest
technology to reimagine the modern student experience. Bridgepoint
owns two academic institutions - Ashford
University and University of the Rockies. Together, these
programs, technologies, and resources represent a unique model for
advancing education in the 21st century. Bridgepoint stands for
greater access, social learning, and exposure to leading minds.
Forward-Looking Statements
This news release may contain forward-looking statements. These
forward-looking statements are subject to risks and uncertainties
that could cause Bridgepoint's actual performance or results to
differ materially from those expressed in or suggested by such
statements. Such risks and uncertainties include, without
limitation, the failure to comply with the extensive regulatory
framework applicable to Bridgepoint and its institutions, adverse
administrative, economic, legislative or regulatory changes
affecting Bridgepoint and its institutions, the imposition of fines
or other corrective measures against Bridgepoint's institutions,
competition in the postsecondary education market and its potential
impact on Bridgepoint's market share, recruiting costs and tuition
rates, reputational and other risks related to potential compliance
audits, regulatory or legal actions, negative publicity or service
disruptions, and the inability to recruit and retain students or
develop new or expanded programs in a timely and cost-effective
manner.
Additional information on factors that could affect
Bridgepoint's performance or results is included from time to time
in Bridgepoint's filings with the SEC, including, but not limited
to, Bridgepoint's Annual Report on Form 10-K for the year ended
December 31, 2016 filed with the SEC
on March 7, 2017, Bridgepoint's
quarterly reports on Form 10-Q and Bridgepoint's current reports on
Form 8-K. You should not place undue reliance on any
forward-looking statements. Forward-looking statements are made on
the basis of management's good faith beliefs, expectations and
assumptions regarding future events based on information available
at the time such statements are made. Forward-looking statements
speak only as of the date they are made. Bridgepoint assumes no
obligation to update or revise any forward-looking statements to
reflect actual results or any changes in assumptions, expectations
or other factors affecting such forward-looking statements, whether
as a result of new information, future events or otherwise, except
to the extent required by applicable securities laws.
Contact: Anna Davison, Investor
Relations
858.513.9240 x11620 ·
investorrelations@bridgepointeducation.com
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SOURCE Bridgepoint Education