Daily News: June 12, 2013

BofA, SunTrust Provide Exit Financing to School Specialty

School Specialty announced it has completed its financial restructuring and has officially emerged from its Chapter 11 reorganization. In conjunction with its emergence, School Specialty has a new, fully committed $175 million asset-based revolving credit facility led by Bank of America and SunTrust Bank and a $145 million term loan facility led by Credit Suisse Securities (USA).

School Specialty’s president and CEO Michael P. Lavelle, said, “We have successfully completed a major step in our corporate transformation by emerging with a sound capital structure, significantly less debt, and the financial flexibility to continue building our business to deliver better value for our customers. We thank our dedicated employees, suppliers and business partners who supported us throughout this process. We also want our customers to know how much we appreciate their business and the working relationship we have forged over the years. Our mission is to exceed customer expectations in service and quality and that is where our focus will be as we work with our business partners and customers in their preparations for the upcoming school season and for the long term.”

Previously on abfjournal.com:

Court Approves School Specialty’s Disclosure Statement, Friday, April 26, 2013