Bridgepoint Education, Inc. Announces Pricing of Secondary Offering of 7,562,890 Shares of Common Stock by Selling Stockholder and Repurchase of Shares

SAN DIEGO, Nov. 17, 2017 /PRNewswire/ -- Bridgepoint Education, Inc. (NYSE: BPI) ("Bridgepoint") announced today the pricing of the previously announced underwritten secondary offering by an affiliate of Warburg Pincus LLC ("the Selling Stockholder") of 7,562,890 shares of Bridgepoint's common stock. Immediately following completion of the offering, the Selling Stockholder will not beneficially own any of Bridgepoint's outstanding common stock.

Bridgepoint has agreed to repurchase from the underwriter 2,100,000 of such shares at a price per share equal to the price per share paid by the underwriter to the Selling Stockholder in the offering.

Closing of the offering is expected to occur on November 21, 2017, subject to customary closing conditions. All of the shares are being sold by the Selling Stockholder, and the Selling Stockholder will receive all of the net proceeds from the offering. No shares are being sold by management or Bridgepoint.

BTIG, LLC is acting as the sole book-running manager for the offering.  The underwriter may offer the shares of common stock from time to time for sale in one or more transactions on the NYSE, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.

Bridgepoint filed a shelf registration statement (including a prospectus) on Form S-3 with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates and the registration statement was declared effective by the SEC on November 13, 2017.  The offering of these securities is being made only by means of a preliminary prospectus supplement and the accompanying prospectus.  Before you invest, you should read the preliminary prospectus supplement and the accompanying prospectus and the documents incorporated by reference in that registration statement for more complete information about Bridgepoint and the offering. You may obtain electronic copies of these documents for free by visiting the SEC's website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement and the accompanying prospectus, when available, may also be obtained by contacting BTIG, LLC at 825 3rd Ave, 6th FL, New York, NY 10022, email: [email protected].

This press release does not constitute an offer to sell or the solicitation of an offer to buy shares of common stock, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Bridgepoint Education

Bridgepoint Education, Inc. (NYSE:BPI) harnesses the latest technology to reimagine the modern student experience. Bridgepoint owns two academic institutions - Ashford University and University of the Rockies. Together, these programs, technologies, and resources represent a unique model for advancing education in the 21st century. Bridgepoint stands for greater access, social learning, and exposure to leading minds.

Forward-Looking Statements

This news release may contain forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause Bridgepoint's actual performance or results to differ materially from those expressed in or suggested by such statements. Such risks and uncertainties include, without limitation, the failure to comply with the extensive regulatory framework applicable to Bridgepoint and its institutions, adverse administrative, economic, legislative or regulatory changes affecting Bridgepoint and its institutions, the imposition of fines or other corrective measures against Bridgepoint's institutions, competition in the postsecondary education market and its potential impact on Bridgepoint's market share, recruiting costs and tuition rates, reputational and other risks related to potential compliance audits, regulatory or legal actions, negative publicity or service disruptions, and the inability to recruit and retain students or develop new or expanded programs in a timely and cost-effective manner.

Additional information on factors that could affect Bridgepoint's performance or results is included from time to time in Bridgepoint's filings with the SEC, including, but not limited to, Bridgepoint's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC on March 7, 2017, Bridgepoint's quarterly reports on Form 10-Q and Bridgepoint's current reports on Form 8-K. You should not place undue reliance on any forward-looking statements. Forward-looking statements are made on the basis of management's good faith beliefs, expectations and assumptions regarding future events based on information available at the time such statements are made. Forward-looking statements speak only as of the date they are made. Bridgepoint assumes no obligation to update or revise any forward-looking statements to reflect actual results or any changes in assumptions, expectations or other factors affecting such forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable securities laws.

Contact: Anna Davison, Investor Relations
858.513.9240 x11620 · [email protected]

SOURCE Bridgepoint Education

Related Links

http://www.bridgepointeducation.com