Nebraska Book Holdings (NBC) completed the restructuring of its balance sheet and eliminated the substantial majority of its legacy long-term debt, with its major debt holders converting their remaining debt to equity. Callidus Capital provided a new asset-based loan to support the refinancing.
The ABL will provide NBC with additional working capital for execution of its strategic plans, including expanding its wholesale textbook distribution business and the rapid delivery of a fully modernized, technology solution for customers of Prism Retail Business Solutions.
The company will also have a capital structure that will enable growth and profitability. On or before October 1, 2018, NBC intends to redeem all remaining notes, fully eliminating its legacy long-term debt.
“Over the past 18 months the NBC team has worked with our creditors to eliminate the substantial majority of the $168 million in debt that remained from the 2012 bankruptcy and 2016 debt restructuring,” said Jay Amond, NBC CEO. “We truly appreciate the confidence our historic creditors and our new ABL lender, Callidus, has shown in our organization, which will allow us to move forward aggressively in support of our customers and further drive our commitment to the Higher Education market.”
Founded in 1915 as an independent college bookstore, Nebraska Book Holdings provides textbook and technology solutions to more than 2,000 college retailers across the U.S., Canada and the Caribbean.
