UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D/A
(Amendment No. 2)
Under the Securities Exchange Act Of 1934
Strayer Education, Inc.
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(Name of Issuer)
Common Stock, $0.01 par value
------------------------------
(Title of Class of Securities)
863236105
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(CUSIP Number)
Charles Ayres with copies to:
DB Capital Partners, Inc. Oliver C. Brahmst, Esq.
31 West 52nd Street White & Case LLP
26th Floor 1155 Avenue of the Americas
New York, NY 10019 New York, NY 10036
646-324-2416 212-819-8200
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
October 8, 2002
-----------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d(f) or 13d-1(g), check the following box
|_|.
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SCHEDULE 13D/A
CUSIP No. 863236105 Page 2 of 14 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Taunus Corporation* I.R.S. Identification No. 13-4060471
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 6,615
PERSON WITH -----------------------------------------------------------
8 SHARED VOTING POWER
7,058,456
-----------------------------------------------------------
9 SOLE DISPOSITIVE POWER
6,615
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,646,640
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,065,071
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
49.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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* In accordance with Release No. 34-39538 (January 12, 1998), this filing
reflects the securities beneficially owned by Taunus Corporation, a holding
company that is a wholly owned subsidiary of Deutsche Bank A.G. Taunus
Corporation is a separate operating unit of Deutsche Bank A.G. This filing does
not reflect securities beneficially owned by any other business unit of Deutsche
Bank A.G., and Taunus Corporation expressly disclaims beneficial ownership of
any such securities.
SCHEDULE 13D/A
CUSIP No. 863236105 Page 3 of 14 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DB Capital Partners, Inc. I.R.S. Identification No. 13-2725387
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
N/A
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-------- -----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
--------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 0
PERSON WITH -----------------------------------------------------------
8 SHARED VOTING POWER
7,058,456
-----------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,646,640
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,058,456
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
49.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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SCHEDULE 13D/A
CUSIP No. 863236105 Page 4 of 14 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DB Capital Partners, L.P. I.R.S. Identification No. 52-2046858
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
N/A
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
--------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 0
PERSON WITH -----------------------------------------------------------
8 SHARED VOTING POWER
7,058,456
-----------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,646,640
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,058,456
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
49.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
SCHEDULE 13D/A
CUSIP No. 863236105 Page 5 of 14 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DB Capital Investors, L.P. I.R.S. Identification No. 52-2046859
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED [ ]
PURSUANT TO ITEMS 2(d) or 2(e)
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
--------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 0
PERSON WITH -----------------------------------------------------------
8 SHARED VOTING POWER
7,058,456
-----------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,646,640
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,058,456
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
49.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
SCHEDULE 13D/A
CUSIP No. 863236105 Page 6 of 14 Pages
SCHEDULE 13D/A
Strayer Education, Inc.
This Amendment No. 2 amends and supplements the Schedule 13D filed on March
26, 2001 as amended by Amendment No. 1 to Schedule 13D filed on May 21, 2001,
relating to the shares of common stock, $0.01 par value per share ("Common
Stock"), of Strayer Education, Inc., a Maryland corporation (the "Company"), the
principal executive offices of which are located at 1100 Wilson Boulevard, Suite
2500, Arlington, Virginia 22209. Terms not otherwise defined herein shall have
the respective meaning given to such terms in the Schedule 13D filed on March
26, 2001 and Amendment No. 1 to the Schedule 13D filed on May 21, 2001, as
applicable.
Item 2. Identity and Background
The response to this item is amended by deleting the third paragraph under
Item 2 and inserting the following paragraph in lieu thereof:
"The address of each of the Reporting Person's principal place of business
and principal office is 31 West 52nd Street, New York, New York 10019."
The response to this item is further amended by deleting Schedule I in its
entirety and replacing it with Schedule I attached hereto.
Item 4. Purpose of the Transaction
Item 4 is amended by deleting the first paragraph in its entirety and
inserting the following:
"DBCI acquired the Preferred Stock and the Option for investment purposes.
However, DBCI will continually evaluate the business, financial condition and
prospects of the Company, the market price of the Company's securities, its
return on investment, alternative investments and conditions in the economy and
in the industry in which the Company is engaged, with a view toward determining
whether to hold, decrease, increase or hedge its investment in the Company's
securities. From time to time, based upon such evaluation, DBCI may, subject to
the terms of the Shareholder's Agreement and the Registration Rights Agreement,
dispose of or hedge all or a portion of its position in the Company in public,
private and/or over-the-counter or exchange traded derivative transactions, or
may purchase additional shares of Common Stock, Preferred Stock or other
securities of the Company. DBCI reserves the right to change its plans and
intentions at any time as it deems appropriate."
Item 4 is further amended and supplemented by adding the following before
the last paragraph thereof:
"On October 8, 2002, pursuant to a request made by the Purchasers under
Section 2(a) of the Registration Rights Agreement, the Company filed a
Registration Statement on Form S-3 (File No. 333-100407) (the "Registration
Statement") registering for resale an aggregate of 2,300,000 shares of Common
Stock beneficially owned by the Purchasers (to be issued upon conversion of
Series A Preferred Stock) which may be sold pursuant to an underwritten offering
SCHEDULE 13D/A
CUSIP No. 863236105 Page 7 of 14 Pages
(the "Offering"). The Registration Statement relates to 1,700,000 shares of
Common Stock beneficially owned by New Mountain and 600,000 shares of Common
Stock beneficially owned by DBCI (including up to 300,000 shares of Common Stock
to cover any over-allotments) (collectively, the "Registered Shares"). There can
be no assurance that the contemplated Offering will be effected.
Following the sale of the Registered Shares in the Offering, it is expected
that pursuant to Section 10 of the Articles Supplementary, the percentage of the
total members of the Board of Directors of the Company that the holders of
Series A Preferred Stock are entitled to elect will be reduced from 50% to 40%.
It is anticipated that in connection with the Offering New Mountain and DBCI
will agree that following the completion of the Offering, Charles Ayres, a
designee of DBCI, will resign from the Board of Directors of the Company and
that New Mountain will be entitled to elect all of the members of the Board of
Directors of the Company entitled to be elected by the holders of the Series A
Preferred Stock pursuant to the Articles Supplementary."
Item 5. Interest in Securities of the Issuer
The response to this item is deleted in its entirety and replaced by the
following:
"(a) As of the date of this Amendment, DBCI's beneficial ownership of
7,058,456 shares of Common Stock (6,058,456 shares of Common Stock issuable upon
conversion of the same number of Preferred Stock, which includes dividends
declared on the Preferred Stock as of October 1, 2002, and 1,000,000 shares of
Common Stock issuable upon exercise of the Option) constitutes beneficial
ownership of approximately 49.0% of the total number of shares of outstanding
Common Stock (assuming the number of shares outstanding on June 30, 2002). Each
of Taunus, DBCP Inc. and DBCP L.P. may be deemed to be the beneficial owner of
the shares of Common Stock beneficially owned by DBCI. In addition, Taunus may
be deemed to be the beneficial owner of 6,615 shares of Common Stock owned by
Deutsche Bank Securities Inc. ("DBSI") (formerly known as Deutsche Banc Alex.
Brown Inc.), a wholly-owned subsidiary of Taunus, which, when aggregated with
the 7,058,456 shares of Common Stock which Taunus may be deemed to beneficially
own as a result of the beneficial ownership by DBCI, constitutes beneficial
ownership by Taunus of approximately 49.0% of the total number of the shares of
outstanding Common Stock.
The Reporting Persons and New Mountain may be deemed to comprise a group as
a result of certain provisions contained in the Shareholders Agreement
pertaining to the voting of directors and the disposition of shares of the
Preferred Stock or Common Stock issued upon conversion of the Preferred Stock.
The Reporting Persons hereby disclaim beneficial ownership of the Common
Stock issuable upon the conversion of the Preferred Stock and purchasable
pursuant to the Option to the extent owned by New Mountain.
(b) Each of the Reporting Persons has the shared power to vote or direct
the vote with New Mountain of 7,058,456 shares of Common Stock and each of
Reporting Persons has the shared power to dispose or to direct the disposition
with New Mountain of 1,646,640 shares of Common Stock.
DBSI has the sole power to vote or direct the vote of and to dispose or
direct the disposition of 6,615 shares of Common Stock.
SCHEDULE 13D/A
CUSIP No. 863236105 Page 8 of 14 Pages
(c) Within the past 60 days, DBSI, in the ordinary course of facilitating
client basket transactions in the stocks comprising certain exchange traded
funds, effected the following transactions with regard to the Company's Common
Stock:
(i) On August 6, 2002, sold 38 shares of Common Stock at a price of
$52.36 per share; and
(ii) On August 7, 2002, purchased 32 shares of Common Stock at a price
of $53.24
Except as described above, during the past sixty days, none of the
Reporting Persons, nor, to the best knowledge of the Reporting Persons, any of
the persons set forth on Schedule I, has effected any transactions in shares of
Common Stock.
(d) Not applicable.
(e) Not applicable."
SCHEDULE 13D/A
CUSIP No. 863236105 Page 9 of 14 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: October 9, 2002
TAUNUS CORPORATION
By: /s/ James T. Byrne, Jr.
-------------------------------------
Name: James T. Byrne, Jr.
Title: Secretary
SCHEDULE 13D/A
CUSIP No. 863236105 Page 10 of 14 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: October 9, 2002
DB CAPITAL PARTNERS, INC.
By: /s/ Charles Ayres
-------------------------------------
Name: Charles Ayres
Title: Managing Director
SCHEDULE 13D/A
CUSIP No. 863236105 Page 11 of 14 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: October 9, 2002
DB CAPITAL PARTNERS, L.P.
By: DB CAPITAL PARTNERS, INC.,
its General Partner
By: /s/ Charles Ayres
-------------------------------------
Name: Charles Ayres
Title: Managing Director
SCHEDULE 13D/A
CUSIP No. 863236105 Page 12 of 14 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: October 9, 2002
DB CAPITAL INVESTORS, L.P.
By: DB CAPITAL PARTNERS, L.P.
its General Partner
By: DB CAPITAL PARTNERS, INC.,
its General Partner
By: /s/ Charles Ayres
-------------------------------------
Name: Charles Ayres
Title: Managing Director
SCHEDULE 13D/A
CUSIP No. 863236105 Page 13 of 14 Pages
SCHEDULE I
The following table sets forth a list of each general partner of DBCI and
DBCP L.P. and executive officers and directors of Taunus and DBCP, Inc., which
contains the following information with respect to each such person: (i) name;
(ii) business address, (iii) present principal occupation or employment and the
name, principal business and address of any corporation or other organization in
which such employment is conducted; and (iv) citizenship.
A. General Partners of DBCI
Present principal occupation or employment
Name/Position State of Organization and name and business address of employer
------------- ---------------------- ------------------------------------------
DB Capital Partners, L.P./ Delaware 31 West 52nd Street
General Partner New York, NY 10019
B. General Partners of DBCP L.P.
Present principal occupation or employment
Name/Position State of Organization and name and business address of employer
------------- ---------------------- ------------------------------------------
DB Capital Partners, Inc./ Delaware 31 West 52nd Street
General Partner New York, NY 10019
C. Executive Officers and Directors of DBCP Inc.
Present principal occupation or employment
Name/Position Citizenship and name and business address of employer
------------- ----------- ------------------------------------------
Charles Ayres/ United States Managing Director of
Managing Director DB Capital Partners, Inc.
31 West 52nd Street
New York, NY 10019
James Edward Virtue/ United States Managing Director and President of DB
Managing Director Capital Partners, Inc.
31 West 52nd Street
New York, NY 10019
SCHEDULE 13D/A
CUSIP No. 863236105 Page 14 of 14 Pages
D. Executive Officers and Directors of Taunus
Present principal occupation or employment
Name/Position Citizenship and name and business address of employer
------------- ----------- ------------------------------------------
Seth H. Waugh/ United States Director, Chief Executive Officer and
Director, President and Chief President of Deutsche Bank Trust Company
Executive Officer Americas
31 West 52nd Street
New York, NY 10019
Douglas R. Barnard/ Director and United States Managing Director, Controller of the
Chief Financial Officer Americas, Deutsche Bank AG
New York Branch
31 West 52nd Street
New York, New York 10019
James T. Byrne, Jr./ United States Secretary, Deutsche Bank Trust Company
Secretary Americas
31 West 52nd Street
New York, NY 10019
Thomas A. Curtis/ United States Managing Director, Head of Corporate and
Director Regulatory Affairs of the Americas,
Deutsche Bank AG
New York Branch
31 West 52nd Street
New York, NY 10019
Richard W. Ferguson/ United States Managing Director, Treasurer of the
Director and Treasurer Americas, Deutsche Bank AG
New York Branch
31 West 52nd Street
New York, NY 10019
John C. Cipriani/ United States Director (officer title), Deutsche Bank AG
Director (officer title) and New York Branch
Assistant Treasurer 31 West 52nd Street
New York, NY 10019