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. 4)
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
November 20, 2002
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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)
Page 1 of 8
CUSIP No. 863236105 13D
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1 NAME 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 [X] (a)
[ ] (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 ITEM 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 None
SHARES ---------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER:
OWNED BY EACH 4,758,456
REPORTING ---------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER:
None
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10 SHARED DISPOSITIVE POWER:
4,758,456
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
4,758,456 shares
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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 33.0%
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14 TYPE OF REPORTING PERSON:
PN
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Page 2 of 8
CUSIP No. 863236105 13D
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1 NAME 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 [X] (a)
[ ] (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 ITEM 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 None
SHARES ---------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER:
OWNED BY EACH 4,758,456
REPORTING ---------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER:
None
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10 SHARED DISPOSITIVE POWER:
4,758,456
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
4,758,456 shares
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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 33.0%
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14 TYPE OF REPORTING PERSON:
PN
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Page 3 of 8
CUSIP No. 863236105 13D
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1 NAME 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 [X] (a)
[ ] (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 ITEM 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 None
SHARES ---------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER:
OWNED BY EACH 4,758,456
REPORTING ---------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER:
None
---------------------------------------------------
10 SHARED DISPOSITIVE POWER:
4,758,456
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
4,758,456 shares
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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 33.0%
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14 TYPE OF REPORTING PERSON:
OO
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Page 4 of 8
CUSIP No. 863236105 13D
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1 NAME 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 [X] (a)
[ ] (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 ITEM 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 None
SHARES ---------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER:
OWNED BY EACH 4,758,456
REPORTING ---------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER:
None
---------------------------------------------------
10 SHARED DISPOSITIVE POWER:
4,758,456
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
4,758,456 shares
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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 33.0%
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14 TYPE OF REPORTING PERSON:
IN
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Page 5 of 8
Amendment No. 4 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") and
Amendment No. 3 thereto ("Amendment No. 3"), filed jointly on March 26, 2001,
May 15, 2001, October 8, 2002 and November 18, 2002, 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. 4 to the Schedule 13D by the persons listed on the signature pages hereto
(the "Reporting Persons"). Capitalized terms used below and not otherwise
defined herein shall have the meanings set forth in the Schedule 13D,
Amendment No. 1, Amendment No. 2 or Amendment No. 3.
Item 4. Purpose of Transaction.
The disclosure in Item 4(a) is hereby amended and supplemented by
adding the following:
"On November 20, 2002, the Underwriters acquired 1,700,000 shares of
Common Stock held by New Mountain and 600,000 shares of Common Stock held by
DB Capital (including 300,000 shares of Common Stock subject to the
Over-allotment Option) at the Offering Price less the Underwriting Discount
pursuant to the closing under the Underwriting Agreement."
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. 4, the Reporting Persons may be
deemed to beneficially own an aggregate of 4,758,456 shares of Common Stock
which include:
(i) 3,758,456 shares of Common Stock issuable upon the
conversion of 3,758,456 shares of Series A Preferred Stock
(which includes dividends declared on Series A Preferred
Stock as of October 1, 2002). Of the shares of Series A
Preferred Stock 2,944,816 are owned directly by the
Reporting Persons, and the beneficial ownership of 813,640
shares of Series A Preferred Stock, which are currently
convertible into 813,640 shares of Common Stock, arises from
the Shareholders' Agreement, which provides the Reporting
Persons with the ability to require that DB Capital
participate pro rata in certain sales of securities to a
party that is not an affiliate of New Mountain and provides
that each of the Reporting Persons and DB Capital support
their respective individual and joint Board nominees, and
the Letter Agreement, which provides that New Mountain,
acting alone, will be entitled to elect all of the members
of the Board of Directors of the Issuer entitled
Page 6 of 8
to be elected by the Selling Stockholders pursuant to the
Articles Supplementary. 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) the Option granted to New Mountain and DB Capital to
purchase up to 1,000,000 shares of Common Stock from the
Baileys. Of this 1,000,000 shares, an option to purchase
767,000 was granted directly to New Mountain and an option
to purchase the other 233,000 was granted to DB Capital.
Assuming the number of shares outstanding on November 20, 2002, the
Reporting Persons may be deemed to beneficially own approximately 33.0% of the
outstanding Common Stock. The Reporting Persons hereby disclaim beneficial
ownership of the Series A Preferred Stock and the Option (and the shares
issuable upon conversion of the Series A Preferred Stock and/or the exercise
of the Option) to the extent owned by DB Capital."
The disclosure in Item 5(b) is hereby amended and restated in its
entirety as follows:
"The Reporting Persons and DB Capital may be deemed to comprise a
group for the purposes of voting for directors and disposing of shares under
the Shareholders' Agreement and voting for directors under the Letter
Agreement, which are hereby incorporated by reference herein. As of the date
of this Amendment No. 4, the Reporting Persons and DB Capital have shared
voting power to direct the vote of 4,758,456 shares and have shared power to
direct the disposition of 4,758,456 shares. The Reporting Persons have the
sole power to vote and sole power to direct the disposition of 0 shares and
disclaim beneficial ownership of the Series A Preferred Stock and the shares
issuable upon conversion of the Series A Preferred Stock and/or the Option.
For purposes of Section 13 of the Act, NMI may be deemed to control
New Mountain, NM may be deemed to control NMI and Mr. Klinsky may be deemed to
control NM. Each of the Reporting Persons may thus be considered to
beneficially own and to have shared voting power and shared dispositive power
with respect to all of the Series A Preferred Stock and Common Stock held
beneficially by New Mountain."
Page 7 of 8
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
------------------------------
Name: Steven B. Klinsky
Title: Member
/s/ Steven B. Klinsky
------------------------------
Name: Steven B. Klinsky
Page 8 of 8