The sale of the Desert Heights facility, the for-profit education provider's only school in that state, is in keeping with announced plans to dispose of non-core assets, says George Bernstein, CEO. Bernstein, the former president of Pearle Vision, became Nobel's CEO in late July.
Four investors provide $3 million in the form of preferred stock convertible to common stock at $5.10 per share. The firms are Camden Partners Holdings, Allied Capital Corp., Mollusk Holdings and Blesbok Holdings.
Nobel's stock, which trades under NLCI on the NASDAQ, closed at $5.39 a share on September 11. The 52-week high/low is $7.40 and $2.10 per share, respectively. In mid-June, Camden invested $6 million in Nobel by buying stock for $4.50 a share.
Bernstein says the proceeds will be used to reduce the company's outstanding debt balances, meet bank covenants and provide working capital. Nobel operates 173 schools in 14 states. They include private and charter K through 12 schools and schools for learning-challenged children
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