Community Education Centers changes $210 million note offering into private placement

By Paul A. Harris

St. Louis, Feb. 16 - Community Education Centers, Inc. converted its $210 million notes offering into a true private placement and will no longer market its six-year senior secured notes via Rule 144A, according to an informed source.

Late last week the notes were talked to yield 12¾% to 13% with an original issue discount of about 2 to 3 points.

Jefferies & Co., which had the books for the Rule 144A deal, will now serve as placement agent.

Community Education Centers is a West Caldwell, N.J.-based education and treatment services provider for local, state and federal corrections systems.

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