Shares 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.