Business Description:
Northcentral University ("NCU") is an exclusively online, post-secondary university headquartered in Prescott Valley, Arizona. The company is regionally accredited and offers a variety of Doctoral, Masters, Bachelors and non-degree/professional development programs through its schools of education, business and technology management and psychology. NCU focuses on working adults who are typically seeking advanced education for professional and personal growth and/or advancement.

Falcon Solution:
Through its previous investment in the education industry and exposure to numerous other education-related investment opportunities, Falcon has developed a deep understanding of the post-secondary education industry. Falcon partnered with a private equity group to provide capital structure solutions through various changes in the nature of the transaction, including the departure of the sponsor's co-investor, uncertainty in the senior debt markets and purchase price adjustments. Falcon invested senior subordinated notes with warrants, convertible preferred stock and common equity and is a significant minority equity owner.