Nason Yeager, a full-service law firm with offices in Palm Beach Gardens and Boca Raton, Florida, represented Aspen Group, Inc. (NASDAQ: ASPU), in a privately-placed $10 million senior secured term loan with affiliates of two existing shareholders, each of whom lent Aspen Group, Inc. $5 million.
Aspen Group, Inc. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University Inc. and United States University, Inc. to deliver on the vision of making college affordable again. Alan I. Armour II, a shareholder with Nason Yeager, acted as lead counsel in the loan negotiation process and closing the loan. He was supported by shareholder Michael D. Harris. Bridget M. Harrison, a paralegal with the firm, was also actively involved in checklist production and in closing the loans.
“Today’s $10 million financing coupled with the $5 million line of credit already in place provides ample capital for the Company to execute on our short and long-term growth plans, and is a strong signal that the Company has absolutely no need to go back to the equity markets anytime in the foreseeable future,” said Aspen Group Chairman & CEO Michael Mathews.
Nason Yeager has been Aspen Group’s general counsel since March 2012. It represented Aspen University beginning in 2011 prior to its acquisition by Aspen Group. In May 2018, Nason Yeager represented the group in a public offering that raised $23 million.