Puxin Extends $26 Million Loan to U.S Prep School; Stock Rises 2%
Puxin extended its loan to AHA so it could fund its operations of an international college prep boarding school in North Carolina
Puxin Ltd.'s (NYSE: NEW) stock ended 2 percent higher Thursday, at $9.25 per share, after the company announced it has extended a loan agreement to American Hebrew Academy Inc., a nonprofit corporation based in North Carolina.
The Beijing education provider said in a statement today that the loan, in the amount of $26 million, has been extended for AHA to fund its operations of an international college prep boarding school in North Carolina.
The loan will carry an 18 percent annual interest rate and will take effect on Sept. 6 2020, Puxin said in its statement.
For the second quarter, Puxin reported revenue of $92.2 million, up 19 percent from the same period a year ago. Net loss widened 3.3 percent year-over-year to $28.4 million, according to its report.