DEVRY PREPAYS $7.6 MILLION OF DEBT
DEVRY PREPAYS $7.6 MILLION OF DEBT OAKBROOK TERRACE, Ill., Oct. 8 /PRNewswire/ -- DeVry Inc.
(NASDAQ: DVRY), a system of career-oriented higher education institutes, reported today that on Oct. 19, 1992, it will prepay the entire issue of its 12 percent junior subordinated notes, totalling approximately $7.6 million in outstanding principal.
This prepayment will result in interest savings of more than $900,000 annually and reduces total funded debt to $67.9 million compared with $77.6 million at June 30, 1992. "Cash generated from operations remains strong," President Ronald L. Taylor said, "and the company will continue to examine opportunities for further debt prepayments." DeVry Inc., headquartered in Oakbrook Terrace, owns and operates the DeVry Institutes, Keller Graduate School of Management and Corporate Educational Services. It is one of the largest private degree-granting higher education systems in North America. -0- 10/8/92 /CONTACT: Diane Salucci or Cathy Klepack of DeVry, 708-574-1931/ (DVRY) CO: DeVry Inc. ST: Illinois IN: SU:
CK -- NY073 -- 7942 10/08/92 14:10 EDT
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|Date:||Oct 8, 1992|
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