On August 12, 2021, Adtalem Global Education Inc. completed the acquisition of Walden e-Learning, Inc. from Laureate Education, Inc. The Company funded the purchase price through a new credit agreement entered into on August 12, 2021, with a combination of loans under the Term Facility consisting of $850.0 million in aggregate principal amount of term loans, the proceeds from the sale of $800.0 million of 5.50% Senior Secured Notes due 2028 issued by a subsidiary of the Company and cash on hand. The Company stated that the transaction is expected to generate significant long-term value for shareholders by being accretive to the Company’s pro forma margin profile and driving top-line growth through renewed organic investment in Walden.