RECIFE, Brazil, July 1, 2015 /PRNewswire/ -- Educacional S.A. (BM&FBOVESPA SEER3, Bloomberg SEER3:BZ and Reuters SEER3.SA), one of the largest private education groups in Brazil and a leader in the Northeast and North regions in terms of number of students enrolled, announces that today the Company entered into a Financing Agreement with International Finance Corporation (IFC) to finance the construction of the Aracaju and Fortaleza campi, the renovation and modernization of existing campi and new acquisitions.
The loan will be taken out in Brazilian Reais, totaling the equivalent to R$120 million (US$ 40 million). The new debt will be subject to interest rate of CDI interbank rate + 2.05% per year, with end maturity on April 15, 2022. Payments will be due every six months, with the first installment due on April 15, 2017 and the last installment due on April 15, 2022.
According to Habib Bichara, Chief Financial Officer of Grupo Ser Educacional "the financing with IFC is an important step for the Group as it not only proves our capacity to grow organically through acquisitions, but also attests our commitment to the sustainable development of our operations."
"We are pleased to once again invest in the expansion of Grupo Ser Educacional. Investment in education is a strategic priority for IFC, as it is crucial to helping build the skills and improve the productivity of a country's workforce, and thus to support its social and economic development", says Carmen de Paula, IFC Principal Investment Officer of Manufacturing and Services in Brazil.
IFC is the largest multilateral investor in private education in emerging markets. Over the past 15 years, IFC has invested $1.3 billion in education projects in 33 countries. In fiscal year 2014, IFC's investments improved quality of education for over 2.5 million students in developing countries. Alongside investing in private institutions, IFC also supports providers of student finance. In the last five years, IFC has invested $200 million in education projects in Brazil.
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Rodrigo de Macedo Alves
Investor Relations Officer
Geraldo Soares de Oliveira Junior
Investor Relations Assistant Manager
Phone: +55 (11) 2769 3223
SOURCE Ser Educacional S.A.