Business Description:
The Princeton Review (Nasdaq: REVU) has been a pioneer and leader in helping students achieve their higher education goals for more than 25 years through college and graduate school test preparation and private tutoring. With more than 165 print and digital publications, the Company provides students and their parents with the resources to research, apply to, prepare for, and learn how to pay for higher education. The Princeton Review also partners with schools and guidance counselors throughout the U.S. to assist in college readiness, test preparation and career planning services, helping more students pursue postsecondary education.

Penn Foster College, Penn Foster Career School, and Penn Foster High School are part of Penn Foster, Inc., a global leader in distance education. For more than 118 years, Penn Foster has been providing career-focused training programs in the fields of health care, business, technology, automotive technology, and select trades. Nationally and regionally accredited Penn Foster High School serves more than 40,000 online students seeking individual courses or a complete diploma program.

Falcon Solution:
Faced with a tight timeline and a complex capital structure, the shareholders and management team of REVU looked to Falcon and its partners to structure a financing to facilitate the purchase of Penn Foster Education Group, Inc. The financing was comprised of senior subordinated notes, junior subordinated notes with equity interests and convertible preferred stock.