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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Career Education Corporation
________________________________________________________________________________
(Name of Issuer)
common stock, par value $.01 per share
________________________________________________________________________________
(Title of Class of Securities)
141665 10 9
_______________________________________________________________
(CUSIP Number)
Charles P. Brissman, Esq. (312/441-6798)
Heller Equity Capital Corporation, 500 W. Monroe St., Suite 1900, Chicago,
Illinois 60661
________________________________________________________________________________
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
January 19, 1999
_______________________________________________________________
(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(b)(3) or (4), check the following box [_].
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 9 Pages
No Exhibits
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB control number.
SEC 1746 (10-97)
<PAGE>
- ----------------------- ---------------------
CUSIP NO. 141665 10 9 13D PAGE 2 OF 9 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
The Fuji Bank, Limited
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
not applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5 not applicable
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Japan
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF none
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
none
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING none
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
none
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
none
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[X]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
BK
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- ----------------------- ---------------------
CUSIP NO. 141665 10 9 13D PAGE 3 OF 9 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Fuji America Holdings, Inc. (36-4200926)
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
not applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5 not applicable
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware, United States of America
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF none
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
none
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING none
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
none
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
none
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[X]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
HC, CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- ----------------------- ---------------------
CUSIP NO. 141665 10 9 13D PAGE 4 OF 9 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Heller Financial, Inc. (36-1208070)
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
not applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5 not applicable
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware, United States of America
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF none
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
none
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING none
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
none
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
none
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[X]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- ----------------------- ---------------------
CUSIP NO. 141665 10 9 13D PAGE 5 OF 9 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Heller Equity Capital Corporation (13-3055750)
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
not applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5 not applicable
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware, United States of America
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 2,549,944
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
none
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 2,549,944
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
none
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,549,944
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[X]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
35.6%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 141665 10 9 PAGE 6 OF 9 PAGES
ADDENDUM TO COVER PAGES
This Amendment Number 1 to Schedule 13D (this "Amendment No. 1") is filed
by The Fuji Bank, Limited, a Japanese banking corporation ("Fuji"), Fuji America
Holdings, Inc., a Delaware corporation which is a wholly-owned subsidiary of
Fuji ("FAHI"), Heller Financial, Inc., a Delaware corporation which is a
majority-owned subsidiary of FAHI ("HFI"), and Heller Equity Capital
Corporation, a Delaware corporation which is a wholly-owned subsidiary of HFI
("HECC"). On February 3, 1998, Career Education Corporation, a Delaware
corporation of which HECC was then the majority stockholder (the "Company"),
consummated an initial public offering (the "IPO") of its common stock, par
value $.01 per share (the "Common Stock"). In connection with the consummation
of the IPO, the Company registered the Common Stock under Section 12 of the
Securities Exchange Act of 1934, as amended (the "Act"). Consequently, HECC
became the owner of in excess of five percent of a class of equity security (the
Common Stock) registered under Section 12 of the Act. Accordingly, Fuji, FAHI,
HFI and HECC filed a Schedule 13D with respect to the Common Stock (the "Initial
Schedule 13D") electronically with the Securities and Exchange Commission (the
"Commission") on February 23, 1998.
On January 19, 1999, the Company filed with the Commission a Registration
Statement on Form S-1 (registration number 333-70747) for a secondary offering
(the "Secondary Offering") of the Common Stock in which HECC proposes to sell up
to 1,086,937 shares of the Common Stock it currently owns.
As was the case with the Initial Schedule 13D, Fuji, FAHI and HFI join HECC
in filing this Amendment No. 1 solely because of their status as indirect parent
companies (in the cases of Fuji and FAHI) and direct parent company (in the case
of HFI) of HECC. Fuji, FAHI and HFI declare that the filing of this Amendment
No. 1 is not an admission by Fuji, FAHI or HFI that it is the beneficial owner
of any of the Company's securities for purposes of Sections 13(d) or 13(g) of
the Act, and Fuji, FAHI and HFI expressly disclaim beneficial ownership of any
of the Company's securities.
Item 1. Security and Issuer
Item 1 is not amended or supplemented.
Item 2. Identity and Background
Item 2 is not amended or supplemented.
<PAGE>
CUSIP NO. 141665 10 9 13D PAGE 7 OF 9 PAGES
Item 3. Source and Amount of Funds or Other Consideration
The last paragraph of Item 3 is amended to read in its entirety
as follows:
The HECC Directors' Stock Options are exercisable with respect to
one-third of the underlying shares of Common Stock on each of the
date of grant (January 28, 1998) and the first two anniversaries
thereof. Under an arrangement entered into among HECC and Messrs.
Lally and Pesch after the IPO, the HECC Directors' Stock Options,
if exercised, will be exercised for the respective benefit of Mr.
Lally or Mr. Pesch, as the case may be, and not HECC.
Accordingly, the 2,549,944 shares of Common Stock reported in
this Schedule 13D (as amended) as beneficially owned by HECC
includes only the HECC Shares and not 10,666 additional shares of
Common Stock for which the HECC Directors' Stock Options are
currently exercisable.
Item 4. Purpose of Transaction
Item 4 is amended to read in its entirety as follows:
HECC has acquired the HECC Shares for investment purposes, and
may sell some or all of the HECC Shares from time to time in the
future (subject to the terms of the Lock-Up Agreement (as defined
in Item 6 below), the Registration Rights Agreement (as also
defined in Item 6 below), if applicable, and applicable state and
federal securities laws). Currently, HECC proposes to sell in the
Secondary Offering, if and when consummated, up to 1,086,937 of
the HECC Shares. None of Fuji, FAHI, HFI and HECC has any current
plans which relate to or would result in (a) the acquisition by
any person of additional securities of the Company or the
disposition of securities of the Company, except in connection
with HECC's proposed sale of shares of Common Stock in the
Secondary Offering (if and when consummated); (b) an
extraordinary corporate transaction involving the Company or any
of its subsidiaries; (c) a sale or transfer of a material amount
of assets of the Company or any of its subsidiaries; (d) any
change in the present Board of Directors or management of the
Company (except as provided for in the Board Representation
Agreement (as defined in Item 6 below)); (e) any material change
in the present capitalization or dividend policy of the Company;
(f) any other material change in the Company's business or
corporate structure; (g) changes in the Company's charter or
bylaws or other actions which may impede the acquisition of
control of the Company by any person; (h) causing a class of
securities of the Company to be delisted from a national
securities exchange or to cease to be authorized to be quoted in
an inter-dealer quotation system of a registered national
securities association; (i) a class of equity securities of the
Company becoming eligible for termination of registration
pursuant to Section 12(g)(4) of the Act; or (j) any action
similar to any of those enumerated above.
<PAGE>
CUSIP NO. 141665 10 9 13D PAGE 8 OF 9 PAGES
Item 5. Interest in Securities of the Issuer
Subparagraphs (a), (b) and (c) of Item 5 are amended to read in
their entirety as follows:
(a) According to the preliminary prospectus included in the
registration statement for the Secondary Offering, the Company had
7,152,896 outstanding shares of Common Stock on December 31, 1998.
HECC beneficially owns 2,549,944 shares of Common Stock, or 35.6% of
the outstanding Common Stock.
(b) HECC has the sole power to vote or to direct the vote of, and
the sole power to dispose of or to direct the disposition of,
2,549,944 shares of Common Stock.
(c) None of Fuji, FAHI, HFI and HECC has effected any
transactions in the Common Stock during the past 60 days.
Item 6. Contracts, Arrangements, Understandings or Relationship With Respect
to Securities of the Issuer
Item 6 is not amended or supplemented.
Item 7. Material to be Filed as Exhibits
Item 7 is not amended or supplemented.
[signature page follows]
<PAGE>
CUSIP No. 141665 10 9 PAGE 9 of 9
SIGNATURES
After reasonable inquiry, and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
January 29, 1999 THE FUJI BANK, LIMITED
By:
--------------------------------
Debra H. Snider
Attorney-in-Fact (under Power of Attorney
filed as Exhibit 5 to the Initial Schedule 13D)
FUJI AMERICA HOLDINGS, INC.
By:
--------------------------------
Debra H. Snider
Secretary
HELLER FINANCIAL, INC.
By:
--------------------------------
Debra H. Snider
Executive Vice President, Chief Administrative
Officer, General Counsel and Secretary
HELLER EQUITY CAPITAL CORPORATION
By:
--------------------------------
Patrick K. Pesch
Senior Vice President
