BALTIMORE, June 03, 2019 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR) (the Company) announced today that it has closed on the previously announced sale of its institutions in Spain and Portugal. At closing, the Company received net proceeds of approximately $908 million, which it intends to use to repay indebtedness, including full repayment of the remaining balance outstanding under its 2024 Term Loan.

Commenting on the closing, Eilif Serck-Hanssen, Chief Executive Officer of Laureate, said, “We continue to make strong progress on the simplification of our portfolio. Of the $1.5 billion in asset sales proceeds expected in 2019, we have already collected $1.3 billion year-to-date, allowing us to significantly reduce our debt levels and improve our financial profile.”

About Laureate Education, Inc. Laureate Education, Inc. is the largest international network of degree-granting higher education institutions, primarily focused in Latin America, with approximately 850,000 students enrolled at over 25 institutions with more than 150 campuses, which we collectively refer to as the Laureate International Universities network. Laureate offers high-quality, undergraduate, graduate and specialized degree programs in a wide range of academic disciplines that provide attractive employment prospects. Laureate believes that when our students succeed, countries prosper and societies benefit. This belief is expressed through the company’s philosophy of being ‘Here for Good’ and is represented by its status as a certified B Corporation® and conversion in 2015 to a Delaware public benefit corporation, a new class of corporation committed to creating a positive impact on society.