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Education Management Gets Covenant Waiver Until Sept. 15

Education Management Corp., the for-profit college operator partly owned by Goldman Sachs Group Inc., received lender consent to waive covenant requirements on its credit agreement, according to a regulatory filing today.

The limited waiver applies until Sept. 15 to any default related to violation of leverage terms in the credit pact, according to the filing. Chief Financial Officer Mick Beekhuizen said on a May 1 earnings call with investors and analysts that Education Management had hired a financial adviser as it will “likely not satisfy” terms of its credit accord this quarter.