Grand Canyon Ed, holders to sell stock to public

Online education company Grand Canyon Education Inc. and its major stockholders will sell 8 million shares in a public offering, according to a regulatory filing Thursday.

Phoenix-based Grand Canyon will offer 1 million new shares, and Endeavour Capital Fund, a private equity fund, and company insiders will sell existing stock. Endeavour currently holds 22.5 percent of existing shares, the filing said.

The offering will expand the company's shares outstanding to 45.6 million.

Grand Canyon shares slipped 22 cents to $18.10 in morning trading. Increasing the amount of common stock outstanding dilutes current shareholders.

Grand Canyon did not say when the offering would price or for how much each share would be sold.

The company said it will use proceeds of the stock sale to pay for the expense of the offering and for general corporate purposes. Grand Canyon does not intend to pay dividends on the common stock.

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Credit Suisse Securities LLC and Bank of America Merrill Lynch will be lead underwriters of the offering. BMO Capital Markets, William Blair & Co., Piper Jaffray and Barrington Research are also underwriting.

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Grand Canyon is an postsecondary education provider, offering graduate and undergraduate degree programs in education, business and health care. As of June 30, the company had about 27,600 students, with 89 percent enrolled in online degree programs.

Grand Canyon went public last November, selling 10.5 million shares at $12 each.