Michael R. Milken, the ex-junk bond king, convicted securities felon and philanthropist, has rolled up a 27 percent stake in Nobel Learning Communities, the West Chester-based chain of more than 170 private schools.
"We've never met him," says Nobel CFO Tom Frank. Milken, who was barred from the securities business after his 1990 conviction, has no board seat, either. He does have a well-known interest in for-profit education.
According to SEC filings, Milken bought 185,000 shares at $12 in March, and another 200,000 shares at $13.25 in May, bringing his holdings to 2.75 million shares -- more than one-quarter of the company. The stock recently topped $14. Last SEC filing here.
Nobel this week said it's boosted its acquisition war chest by increasing its bank credit agreement to $75 million, from $50 million. Lenders include Citizens Bank of Pennsylvania, BMO Capital Markets, JPMorgan, Sun Trust Bank and TriState Capital Bank. Release here.