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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowShares of beleaguered ITT Educational Services Inc. skyrocketed 32 percent on Friday after the Carmel-based, for-profit education firm announced it had inked a deal for a $100 million loan.
The company told federal regulators on Thursday that it had reached an agreement with Cerberus Business Finance LLC to borrow $100 million, to be used to pay debt and as collateral for credit.
ITT shares were trading at $9.80 early Friday afternoon, up $2.32 from their previous close.
The stock has lost 70 percent of its value since the beginning of 2014, as for-profit educators have attracted scrutiny from government authorities for questionable student-lending practices. ITT's student enrollment also has been declining.
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