Daily News: June 5, 2012

H.I.G. WhiteHorse Provides $70MM Term Loan to School Specialty

H.I.G. WhiteHorse announced that an affiliate has provided a new $70 million senior secured term loan to School Specialty, Inc. The H.I.G. WhiteHorse term loan, along with a new asset-based revolving credit facility, was used to refinance the company’s existing senior credit facilities.

Headquartered in Greenville, WI, School Specialty is a pre-K-12 education company that designs, develops, and provides educators with curriculum, supplemental learning resources, and school supplies to help engage and inspire students of all ages and abilities to learn.

“We are pleased to announce the refinancing of our credit agreement,” said School Specialty’s president and CEO Michael P. Lavelle. “With this important step in our planning behind us, we are poised to further focus our business and accelerate our transformational activities to drive long term growth and enhance value to our customers and investors.”

Jackson Craig, managing director at H.I.G. WhiteHorse added, “We are excited to work with the management team of School Specialty and to support the Company’s growth initiatives. School Specialty is a well-managed business with a leading position in its markets.”

H.I.G. WhiteHorse provides debt financing to middle-market companies in the U.S. and Europe.

Previously on abfjournal.com:

GE Capital Agents $200 Million Facility for School Specialty, Friday, May 25, 2012