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791 KB
Extraction Summary
3
People
5
Organizations
0
Locations
2
Events
3
Relationships
3
Quotes
Document Information
Type:
Financial disclosure / legal report
File Size:
791 KB
Summary
This document page details financial indebtedness and affiliate transactions involving Knowledge Universe Education (KUE), k12, and the Milken brothers (Michael and Lowell). It outlines a $150 million loan used to repay debt to Michael Milken's entities, details the Milken brothers' ownership of k12 trademarks and stocks, and identifies Condors LLC as a lender for a mezzanine loan. The document bears a House Oversight stamp.
People (3)
| Name | Role | Context |
|---|---|---|
| Michael Milken | Affiliate/Controller |
Controlled entities that KUE owed debt to; co-owns affiliate holding k12 trademark and stock.
|
| Lowell Milken | Affiliate |
Co-owns affiliate holding k12 trademark and stock.
|
| The Principals | Owners |
Entities or individuals who own substantially all of Condors LLC.
|
Organizations (5)
| Name | Type | Context |
|---|---|---|
| KUE | ||
| Credit Suisse | ||
| k12 | ||
| Condors LLC | ||
| House Oversight Committee |
Timeline (2 events)
Relationships (3)
KUE repaid debt to entities controlled by Michael Milken.
Co-ownership of affiliate holding k12 assets.
Condors LLC, substantially all of which is owned by the Principals
Key Quotes (3)
"The proceeds of the $150 million term loan facility... were used to repay existing debt of KUE to entities controlled by Michael Milken."Source
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Quote #1
"An affiliate of Michael Milken and Lowell Milken owns the k12 trademark... and licenses them to k12 for $25,000 annually pursuant to a perpetual license."Source
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Quote #2
"Condors LLC, substantially all of which is owned by the Principals, is the lender under the Junior Mezzanine Loan entered into in connection with the new CMBS financing."Source
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Quote #3
Full Extracted Text
Complete text extracted from the document (1,037 characters)
16.10. Indebtedness of KUE with affiliates
The proceeds of the $150 million term loan facility that KUE entered into on March 29, 2006 with an
affiliate of Credit Suisse, one of the Agents (as described in "Knowledge Universe Education (KUE) –
Term Loan Facility”), were used to repay existing debt of KUE to entities controlled by Michael Milken.
affiliate of Credit Suisse, one of the Agents (as described in "Knowledge Universe Education (KUE) –
Term Loan Facility”), were used to repay existing debt of KUE to entities controlled by Michael Milken.
16.11. k12
An affiliate of Michael Milken and Lowell Milken owns the k12 trademark and related domain names, and
licenses them to k12 for $25,000 annually pursuant to a perpetual license.
licenses them to k12 for $25,000 annually pursuant to a perpetual license.
An affiliate of Michael Milken and Lowell Milken owns (i) 3,106,774 shares of common stock of k12, (ii)
warrants to purchase 53,364 shares of k12 common stock at $1.60 per share and (iii) warrants to
purchase 1,164,179 shares of k12 Series B Preferred Stock at $1.34 per share.
warrants to purchase 53,364 shares of k12 common stock at $1.60 per share and (iii) warrants to
purchase 1,164,179 shares of k12 Series B Preferred Stock at $1.34 per share.
16.12. Condors LLC
Condors LLC, substantially all of which is owned by the Principals, is the lender under the Junior
Mezzanine Loan entered into in connection with the new CMBS financing.
Mezzanine Loan entered into in connection with the new CMBS financing.
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