Corinthian Lands Credit For Planned Acquisition
Santa Ana-based Corinthian Colleges Inc. said it received pledges from Bank of America Corp. and other lenders for a new three-year, $100 million credit line.
Corinthian, which operates for-profit technical schools, plans to use $42 million of the credit line for its planned buy of Wyoming Technical Institute and its two campuses in July.
In April, Washington, D.C.-based Allied Capital Corp. signed a pact to sell Wyoming Technical to Corinthian for about $85 million cash. Corinthian expects the credit line to be available later this month.
