School Specialty completed a new $140 million term loan with TCW’s Direct Lending Group and amended its $125 million ABL with Bank of America and Bank of Montreal.
School Specialty announced it has officially emerged from Chapter 11 and said it has a new ABL revolver led by Bank of America and SunTrust and a term loan led by Credit Suisse Securities (USA).
The following is the School Specialty news release dated Friday, May 24, 2013 with a corrected second paragraph:
School Specialty announced that the U.S. Bankruptcy Court for the District of Delaware entered an order confirming the company’s secon…
School Specialty gets bankruptcy court approval for its plan of reorganization. Exit financing in the amount of $320 million will be provided by Wells Fargo Capital Finance and GE Capital as co-lead arrangers.
School Specialty said the bankruptcy court issued an order approving the company’s disclosure statement and authorized the company to begin soliciting approval for its joint plan of reorganization.
School Specialty reported reaching an asset purchase agreement with an affiliate of Bayside Capital, pursuant to which the company proposes to sell its assets as a going concern in a court-supervised sale process.