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DEVRY PREPAYS $3.55 MILLION OF DEBT AND ANNOUNCES FALL TERM ENROLLMENT

 OAKBROOK TERRACE, Ill., Dec. 1 ~PRNewswire~ -- DeVry Inc. (NASDAQ: DVRY), a system of career-oriented higher education institutes, reported that today it has prepaid $3.55 million of its 13 percent Senior Subordinated Notes in addition to a required payment of the same amount. Pretax net interest savings for the balance of this fiscal year resulting from the $7.1 million debt reduction will be approximately $400,000.
 Previously this year, the company prepaid the entire issue of its 12 percent Junior Subordinated Notes, totaling approximately $7.6 million in outstanding principal.
 "DeVry has used its strong cash flow and high existing cash balances to prepay debt," said DeVry Inc. Chairman Dennis J. Keller. "This prepayment allows us to save money in future interest costs. In turn, that money can be reinvested in the company's educational operations, allowing us to better serve our students and to prepare for future growth opportunities."
 DeVry also reported today total student enrollment of 25,160 for the fall 1992 term at DeVry Institutes, which represents a 1.3 percent increase over the same term last year when 24,831 total students were enrolled. At the Keller Graduate School of Management, total 1992 fall enrollment was 2,365, up 7.3 percent from 2,205 in the previous year. DeVry Institutes' new student enrollment is 7,183 for fall 1992, compared with 7,321 in the fall 1991 term and 7,083 in the fall of 1990.
 "These enrollment figures are consistent with projections," DeVry Inc. President Ronald L. Taylor said. "According to U.S. Department of Education statistics, the number of high school graduates, which had been declining the past several years, has now stabilized and is projected to rise dramatically between 1995 and 2001. Because a sizable portion of DeVry's new full-time students come from this population, growth in new student enrollments is expected to also rise significantly during the same period."
 DeVry Inc., headquartered in Oakbrook Terrace, owns and operates DeVry Institutes, Keller Graduate School of Management and the Corporate Educational Services division. It is one of the largest private degree- granting higher education systems in North America.
 -0- 12~1~92
 ~CONTACT: Diane Salucci or Cathy Klepack of DeVry Inc., 708-574-1938~
 (DVRY)


CO: DeVry Inc. ST: Illinois IN: SU:

SH -- NY015 -- 2265 12~01~92 09:02 EST
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Publication:PR Newswire
Date:Nov 30, 1992
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