TCV Unloading K12 Shares (LRN)

K12 Inc. (NYSE: LRN) has just filed to sell up to 4 million shares of common stock for a selling holder, which would be just under $110 million based upon the most recent price of $27.42.  The seller is under affiliates of Technology Crossover Management.

These shares were sold to Technology Crossover Management in a private placement back on April 27, 2011, indicating that a six-month lock-up expiration has passed.  All proceeds will be for the holder and none of these proceeds will be for the company itself.

K12 noted that the selling holders may offer and sell their shares from time to time through public or private transactions at prevailing market prices, at prices related to prevailing market prices or at privately negotiated prices. They may also sell to or through underwriters, brokers or dealers or directly to purchasers.  

As far as the size of the offering, the market cap is $989 million as of today’s closing bell and the $27.79 price compares to a 52-week trading range of $23.22 to $39.74.

JON C. OGG