SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(AMENDMENT NO. 9)
STRAYER EDUCATION, INC.
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(Name of Issuer)
COMMON STOCK, PAR VALUE $.01 PER SHARE
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(Title of Class of Securities)
863236105
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(CUSIP Number)
Steven B. Klinsky
New Mountain Partners, L.P.
712 Fifth Avenue, 23rd Floor
New York, New York 10019
Telephone: (212) 720-0300
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
Copies to:
J. Michael Schell
Sean C. Doyle
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, New York 10036-6522
Telephone: (212) 735-3000
May 6, 2004
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(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 that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [ ].
Note: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule
13d-7(b) for other parties to whom copies are to be sent.
(Continued on the following pages)
SCHEDULE 13D
CUSIP No. 863236105 13D
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1. NAMES OF REPORTING PERSONS:
New Mountain Partners, L.P.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
13-4099832
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) [ X ]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS:
See Items 3 and 4 AF, OO
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
NUMBER OF 1,632,431
SHARES --------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY None
EACH --------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 1,632,431
WITH --------------------------------------
10. SHARED DISPOSITIVE POWER
None
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,632,431
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Approximately 11.04%
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14. TYPE OF REPORTING PERSON
PN
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CUSIP No. 863236105 13D
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1. NAMES OF REPORTING PERSONS:
New Mountain Investments, L.P.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
13-4099829
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) [ X ]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS:
AF, OO
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
NUMBER OF 1,632,431
SHARES --------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY None
EACH --------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 1,632,431
WITH --------------------------------------
10. SHARED DISPOSITIVE POWER
None
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,632,431
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Approximately 11.04%
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14. TYPE OF REPORTING PERSON
PN
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CUSIP No. 863236105 13D
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1. NAMES OF REPORTING PERSONS:
New Mountain GP, LLC
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
13-4099827
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) [ X ]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS:
AF, OO
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
NUMBER OF 1,632,431
SHARES --------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY None
EACH --------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 1,632,431
WITH --------------------------------------
10. SHARED DISPOSITIVE POWER
None
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,632,431
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Approximately 11.04%
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14. TYPE OF REPORTING PERSON
OO
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CUSIP No. 863236105 13D
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1. NAMES OF REPORTING PERSONS:
Steven B. Klinsky
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
N/A
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) [ X ]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS:
OO, PF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7. SOLE VOTING POWER
NUMBER OF 1,632,431
SHARES --------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY None
EACH --------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 1,632,431
WITH --------------------------------------
10. SHARED DISPOSITIVE POWER
None
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,632,431
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Approximately 11.04%
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14. TYPE OF REPORTING PERSON
IN
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Amendment No. 9 to Schedule 13D
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The statement on Schedule 13D (the "Schedule 13D"), as amended by
Amendment No. 1 ("Amendment No. 1"), Amendment No. 2 ("Amendment No. 2"),
Amendment No. 3 ("Amendment No. 3"), Amendment No. 4 ("Amendment No. 4"),
Amendment No. 5 ("Amendment No. 5"), Amendment No. 6 ("Amendment No. 6"),
Amendment No. 7 ("Amendment No. 7") and Amendment No. 8 ("Amendment No. 8")
thereto, filed jointly on March 26, 2001, May 15, 2001, October 8, 2002,
November 18, 2002, November 22, 2002, January 14, 2004, February 4, 2004,
March 11, 2004 and March 15, 2004, respectively, by the persons listed on the
signature pages thereto relating to the beneficial ownership of the common
stock, par value $.01 per share ("Common Stock"), of Strayer Education, Inc.,
a Maryland corporation (the "Issuer"), and the beneficial ownership of the
Series A Preferred Stock, par value $.01 per share ("Series A Preferred
Stock"), of the Issuer, which is convertible into Common Stock, is hereby
amended and supplemented as set forth below in this Amendment No. 9 to the
Schedule 13D by the persons listed on the signature page hereto (the
"Reporting Persons"). Capitalized terms used below and not otherwise defined
herein shall have the meanings set forth in the Schedule 13D, as amended by
Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment
No. 5, Amendment No. 6, Amendment No. 7 and Amendment No. 8.
Item 4. Purpose of Transaction.
The disclosure in Item 4(a) is hereby amended and supplemented by
adding the following:
"On May 6, 2004, pursuant to the Support and Option Agreement, New
Mountain exercised its Option and acquired 767,000 shares of Common Stock from
the Baileys."
Item 5. Interest in Securities of the Issuer.
The disclosure in Item 5(a) is hereby amended and restated in its
entirety as follows:
"As of the date of this Amendment No. 9, the Reporting Persons may be
deemed to beneficially own an aggregate of 1,632,431 shares of Common Stock
which include:
(i) 865,431 shares of Common Stock issuable upon the
conversion of 780,708 shares of Series A Preferred Stock (or 6.22% of the
outstanding Common Stock). The Articles Supplementary provide that some of the
dividends will be accrued and added to the liquidation preference, thereby
increasing the number of shares of Common Stock into which the Series A
Preferred Stock will be convertible. The Reporting Persons do not intend to
amend or supplement the Schedule 13D as amended to reflect the additional
shares of Common Stock which may be issued upon conversion of the Series A
Preferred Stock, due solely to the accrual of dividends to increase the
liquidation preference.
(ii) 767,000 shares of Common Stock purchased from the
Baileys pursuant to the exercise of the Option on May 6, 2004.
Assuming the number of shares outstanding on March 1, 2004, the
Reporting Persons may be deemed to beneficially own approximately 11.04% of
the outstanding Common Stock of the Issuer. Including only shares of Series A
Preferred Stock owned of record by New Mountain on an as-converted to Common
Stock basis and the shares of Common Stock acquired upon exercise of the
Option, New Mountain would be deemed to beneficially own 11.04% of the
outstanding Common Stock of the Issuer (assuming conversion of all outstanding
Series A Preferred Stock)."
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
The disclosure in the last paragraph of Item 6 is hereby amended and
restated to read in its entirety as follows:
"Other than the Shareholders' Agreement, the Letter Agreement, the
Purchase Agreement, the Support and Option Agreement, the Articles
Supplementary, the Escrow Agreement, the Irrevocable Proxy, the Trust, the
Amendment and Joinder to the Shareholders' Agreement, the Amendment to the
Registration Rights Agreement, the February 2004 Letter Agreement, the 2004
Underwriting Agreement, the March 2004 Letter Agreement, the Termination
Agreement and the related documents and the transactions contemplated thereby
and other understandings, as described in this item, Item 1, Item 4 and Item 5
above, the Reporting Persons know of no other contracts, arrangements,
understandings or relationships required to be described herein."
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.
NEW MOUNTAIN PARTNERS, L.P.
By: New Mountain Investments, L.P., its
general partner
By: New Mountain GP, LLC, its
general partner
By: /s/ Steven B. Klinsky
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Name: Steven B. Klinsky
Title: Member
NEW MOUNTAIN INVESTMENTS, L.P.
By: New Mountain GP, LLC, its
general partner
By: /s/ Steven B. Klinsky
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Name: Steven B. Klinsky
Title: Member
NEW MOUNTAIN GP, LLC
By: /s/ Steven B. Klinsky
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Name: Steven B. Klinsky
Title: Member
/s/ Steven B. Klinsky
Name: Steven B. Klinsky
Dated: May 6, 2004