K12 Inc., one of the nation’s leading tech-enabled education companies, has announced the pricing of its offering of US$360 million aggregate principal amount of 1.125% convertible senior notes due 2027 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The offering size was increased from the previously announced offering size of US$300 million aggregate principal amount of notes. The issuance and sale of the notes are scheduled to settle on August 31, 2020, subject to customary closing conditions. K12 also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional US$60 million principal amount of notes.
Latham & Watkins LLP represented K12 Inc. in the offering with a corporate deal team led by Washington, D.C. partner Julia Thompson and New York partner Greg Rodgers, with Washington. D.C. counsel Chuck Cassidy and Los Angeles counsel Arash Aminian Baghai, with New York associate Ryan Gold, Washington, D.C. associate Wei Cai, and Houston associates Ryan Lynch and Jessica Sherman. Advice was also provided on equity derivatives matters by New York partner Catherine Lee, with associates Jack Neff and Shawn Noh; on tax matters by New York partners Bora Bozkurt and Elena Romanova, with associate Michael Yu; and on finance matters by Washington, D.C. partner Jennifer Van Driesen.