UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________
SCHEDULE 13D/A
(Amendment No. 3)
Under the Securities Exchange Act of 1934
Strayer Education, Inc.
--------------------------------
(Name of Issuer)
Common Stock, $0.01 par value
--------------------------------
(Title of Class of Securities)
863236105
---------
(CUSIP Number)
Charles Ayres with copies to:
DB Capital Partners, Inc. Oliver C. Brahmst, Esq.
31 West 52nd Street White & Case LLP
26th Floor 1155 Avenue of the Americas
New York, NY 10019 New York, NY 10036
646-324-2416 212-819-8200
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
November 14, 2002
--------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d(f) or 13d-1(g), check the following box
|_|.
------------------
CUSIP No. 863236105 SCHEDULE 13D/A Page 2 of 11 Pages
---- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Taunus Corporation* I.R.S. Identification No. 13-4060471
---- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b)
---- ----------------------------------------------------------------------
3 SEC USE ONLY
---- ----------------------------------------------------------------------
4 SOURCE OF FUNDS
N/A
---- ----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
| |
PURSUANT TO ITEMS 2(d) or 2(e)
---- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
------------------------------------- ----- ---------------------------------
NUMBER OF SHARES BENEFICIALLY 7 SOLE VOTING POWER
OWNED BY EACH REPORTING PERSON 6,615
WITH
----- ---------------------------------
8 SHARED VOTING POWER
7,058,456
----- ---------------------------------
9 SOLE DISPOSITIVE POWER
6,615
----- ---------------------------------
10 SHARED DISPOSITIVE POWER
1,646,640
---- ----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,065,071
---- ----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
---- ----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
49.0%
---- ----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
---- ----------------------------------------------------------------------
* In accordance with Release No. 34-39538 (January 12, 1998), this filing
reflects the securities beneficially owned by Taunus Corporation, a holding
company that is a wholly owned subsidiary of Deutsche Bank A.G. Taunus
Corporation is a separate operating unit of Deutsche Bank A.G. This filing does
not reflect securities beneficially owned by any other business unit of Deutsche
Bank A.G., and Taunus Corporation expressly disclaims beneficial ownership of
any such securities.
CUSIP No. 863236105 SCHEDULE 13D/A Page 3 of 11 Pages
---- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DB Capital Partners, Inc. I.R.S. Identification No. 13-2725387
---- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) | |
---- ----------------------------------------------------------------------
3 SEC USE ONLY
---- ----------------------------------------------------------------------
4 SOURCE OF FUNDS
N/A
---- ----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
| |
PURSUANT TO ITEMS 2(d) or 2(e)
---- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
------------------------------------- ----- ---------------------------------
NUMBER OF SHARES BENEFICIALLY 7 SOLE VOTING POWER
OWNED BY EACH REPORTING PERSON 0
WITH
----- ---------------------------------
8 SHARED VOTING POWER
7,058,456
----- ---------------------------------
9 SOLE DISPOSITIVE POWER
0
----- ---------------------------------
10 SHARED DISPOSITIVE POWER
1,646,640
---- ----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,058,456
---- ----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES | |
---- ----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
49.0%
---- ----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
---- ----------------------------------------------------------------------
CUSIP No. 863236105 SCHEDULE 13D/A Page 4 of 11 Pages
---- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DB Capital Partners, L.P. I.R.S. Identification No. 52-2046858
---- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) | |
---- ----------------------------------------------------------------------
3 SEC USE ONLY
---- ----------------------------------------------------------------------
4 SOURCE OF FUNDS
N/A
---- ----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
| |
PURSUANT TO ITEMS 2(d) or 2(e)
---- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
------------------------------------- ----- ---------------------------------
NUMBER OF SHARES BENEFICIALLY 7 SOLE VOTING POWER
OWNED BY EACH REPORTING PERSON 0
WITH
----- ---------------------------------
8 SHARED VOTING POWER
7,058,456
----- ---------------------------------
9 SOLE DISPOSITIVE POWER
0
----- ---------------------------------
10 SHARED DISPOSITIVE POWER
1,646,640
---- ----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,058,456
---- ----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES | |
---- ----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
49.0%
---- ----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
---- ----------------------------------------------------------------------
CUSIP No. 863236105 SCHEDULE 13D/A Page 5 of 11 Pages
---- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DB Capital Investors, L.P. I.R.S. Identification No. 52-2046859
---- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) | |
---- ----------------------------------------------------------------------
3 SEC USE ONLY
---- ----------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
---- ----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
| |
PURSUANT TO ITEMS 2(d) or 2(e)
---- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
------------------------------------- ----- ---------------------------------
NUMBER OF SHARES BENEFICIALLY 7 SOLE VOTING POWER
OWNED BY EACH REPORTING PERSON 0
WITH
----- ---------------------------------
8 SHARED VOTING POWER
7,058,456
----- ---------------------------------
9 SOLE DISPOSITIVE POWER
0
----- ---------------------------------
10 SHARED DISPOSITIVE POWER
1,646,640
---- ----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,058,456
---- ----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES | |
---- ----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
49.0%
---- ----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
---- ----------------------------------------------------------------------
CUSIP No. 863236105 SCHEDULE 13D/A Page 6 of 11 Pages
SCHEDULE 13D/A
Strayer Education, Inc.
This Amendment No. 3 amends and supplements the Schedule 13D filed on March
26, 2001 ("Schedule 13D"), as amended by Amendment No. 1 to Schedule 13D filed
on May 21, 2001 ("Amendment No. 1"), and as further amended by Amendment No. 2
to Schedule 13D filed on October 9, 2002 ("Amendment No. 2"), relating to the
shares of common stock, $0.01 par value per share ("Common Stock"), of Strayer
Education, Inc., a Maryland corporation (the "Company"), the principal executive
offices of which are located at 1025 15th Street, N.W. Washington D.C. 20005.
Terms not otherwise defined herein shall have the respective meaning given to
such terms in the Schedule 13D, Amendment No. 1 or Amendment No. 2, as
applicable.
Item 4. Purpose of the Transaction
Item 4 is amended and supplemented by deleting the third to last and
penultimate paragraphs in their entirety and inserting the following before the
last paragraph thereof:
"The Registration Statement, as subsequently amended, was declared
effective by the SEC on November 14, 2002.
On November 14, 2002, the Company, DBCI, New Mountain (DBCI and New
Mountain together, the "Selling Stockholders") and Credit Suisse First Boston
Corporation, Banc of America Securities LLC and Legg Mason Wood Walker,
Incorporated, as representatives of the several underwriters, entered into an
Underwriting Agreement (the "Underwriting Agreement") in connection with the
Selling Stockholders' Offering of up to 2,300,000 shares of Common Stock (to be
issued upon conversion of Series A Preferred Stock) pursuant to the Registration
Statement. Pursuant to the Underwriting Agreement, the underwriters named
therein (the "Underwriters") will purchase 1,700,000 shares of Common Stock held
by New Mountain and 300,000 shares of Common Stock held by DBCI at a price of
$52.00 share (the "Offering Price"), less underwriting discounts and commissions
of $2.73 per share (the "Underwriting Discount"), in connection with the public
resale of the Common Stock. In addition, the Underwriters may exercise an
over-allotment option to purchase up to an additional 300,000 shares of Common
stock held by DBCI within 30 days following the date of the filing of the
prospectus (the "Prospectus") relating to the Offering pursuant to Rule 424(b)
of the Securities Act of 1933, as amended, at the Offering Price less the
Underwriting Discount.
Pursuant to the Underwriting Agreement the Company has, with certain
limited exceptions, agreed not to offer, sell, contract to sell, pledge or
otherwise dispose of, directly or indirectly, or file with the Commission a
registration statement relating to any Common Stock or securities convertible or
exchangeable into Common Stock for a period of 90 days following the date of the
filing of the Prospectus.
On November 14, 2002, the Company, DBCI and New Mountain entered into a
Letter Agreement (the "Letter Agreement") in connection with the Offering.
Pursuant to the Letter Agreement, the Company, DBCI and New Mountain agreed that
following the completion of the Offering, pursuant to Section 10 of the Articles
Supplementary, the number of members of the
CUSIP No. 863236105 SCHEDULE 13D/A Page 7 of 11 Pages
Board of Directors of the Company that the holders of Series A Preferred Stock
are entitled to elect will be reduced from 50% to 40% of the total members of
the Board of Directors. Upon completion of the Offering, Charles Ayres will
resign from the Board of Directors of the Company and any committees of the
Board of Directors and New Mountain, acting alone, will be entitled to elect all
of the members of the Board of Directors entitled to be elected by the holders
of the Series A Preferred Stock.
The descriptions of the Preferred Stock Purchase Agreement, the Articles
Supplementary, the Support and Option Agreement, the Shareholders Agreement, the
Registration Rights Agreement, the Underwriting Agreement, the Letter Agreement
and the other related agreements and documents and the transactions contemplated
thereby are not intended to be complete, and are qualified throughout by
reference to the full text of such agreements."
Item 6. Contracts, Arrangements, Understandings or Relationship With Respect to
Securities of the Issuer.
Item 6 is amended and supplemented by adding the following paragraph after
the last paragraph thereof:
"The descriptions of the Underwriting Agreement and the Letter Agreement
contained in Item 4 above are repeated and incorporated herein by reference."
Item 7. Materials to be Filed a Exhibits.
Item 7 is amended and supplemented by adding the following after Exhibit 1
in the first paragraph:
"2. The Underwriting Agreement, dated November 14, 2002, among DB Capital
Investors, L.P., New Mountain Partners, L.P., Strayer Education, Inc. and Credit
Suisse First Boston Corporation, Banc of America Securities LLC and Legg Mason
Wood Walker, Incorporated, as the representatives of the several Underwriters
named therein.
3. Letter Agreement, dated November 14, 2002, among Strayer Education,
Inc., New Mountain Partners, L.P. and DB Capital Investors, L.P."
CUSIP No. 863236105 SCHEDULE 13D/A Page 8 of 11 Pages
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: November 15, 2002
TAUNUS CORPORATION
By: /s/ James T. Byrne, Jr.
----------------------------
Name: James T. Byrne, Jr.
Title: Secretary
CUSIP No. 863236105 SCHEDULE 13D/A Page 9 of 11 Pages
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: November 15, 2002
DB CAPITAL PARTNERS, INC.
By: /s/ Charles Ayres
----------------------------
Name: Charles Ayres
Title: Managing Director
CUSIP No. 863236105 SCHEDULE 13D/A Page 10 of 11 Pages
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: November 15, 2002
DB CAPITAL PARTNERS, L.P.
By: DB CAPITAL PARTNERS, INC.,
its General Partner
By: /s/ Charles Ayres
----------------------------
Name: Charles Ayres
Title: Managing Director
CUSIP No. 863236105 SCHEDULE 13D/A Page 11 of 11 Pages
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: November 15, 2002
DB CAPITAL INVESTORS, L.P.
By: DB CAPITAL PARTNERS, L.P.,
its General Partner
By: DB CAPITAL PARTNERS, INC.,
its General Partner
By: /s/ Charles Ayres
----------------------------
Name: Charles Ayres
Title: Managing Director