We advised the initial purchasers on the high-yield notes offering

Davis Polk advised the initial purchasers in connection with a Rule 144A / Regulation S offering by Adtalem Escrow Corporation of $800 million aggregate principal amount of its 5.50% senior secured notes due 2028. The issuer is a wholly owned subsidiary of Adtalem Global Education Inc., or Adtalem. The notes are to be assumed by Adtalem upon the consummation of Adtalem’s pending acquisition of Walden University from Laureate Education, Inc.

Adtalem is a leading workforce solutions provider and the parent organization of American University of the Caribbean School of Medicine, Association of Certified Anti-Money Laundering Specialists, Becker Professional Education, Chamberlain University, EduPristine, OnCourse Learning, Ross University School of Medicine and Ross University School of Veterinary Medicine.

The Davis Polk capital markets team included partners Michael Kaplan and Yasin Keshvargar and associates Jacqueline Marino, Heita Miki, Rhoda Hassan and Prince Kudolo. The finance team included partners James A. Florack and Vanessa L. Jackson and associates Phoebe Jin, Kelsey Avery and Jason Palios. All members of the Davis Polk team are based in the New York office.