Lincoln, Nebraska-based Neebo, a large textbook supplier with over 250 college bookstores around the country, has paid $27 million on its senior secured loan term and obtained financing of up to $80 million, the company announced today.
Neebo Inc. (the “Company”), the holding company and beneficial owner of Nebraska Book Company Inc. and provider of solutions for the college bookstore marketplace, today announced it has made a voluntary payment of $27 million on its senior secured term loan and has obtained financing of up to $80 million to support its working capital needs.
“Our team members have done a tremendous job serving college students this year, improving our free cash flow to voluntarily pay down our debt and secure financing,” said Steve Clemente, President and Chief Executive Officer of Neebo Inc. “Our new working capital facility gives us ample flexibility at a competitive rate to continue our growth strategy and execute initiatives that serve college students even better.”
Since July 1, 2012, the Company has made almost $54 million in prepayment to its term loan. These payments have permanently reduced a material portion of the Company’s debt and continue to improve its financial position since emerging from bankruptcy in June 2012.
Additional financial information, including the unaudited condensed consolidated financial statements as of and for the three and nine months ended December 31, 2012 and 2011, are located on the Financial Filings page of the Company’s website at http://www.nebook.com/financial/company_filings.asp.
About the Company
Neebo Inc. is the beneficial owner of Nebraska Book Company Inc. Nebraska Book Company began in 1915 with a single college store near the University of Nebraska campus and now operates nearly 250 stores, serving more than 2 million students at colleges and universities nationwide. Nebraska Book Company sells 6 million textbooks annually and installs more than 1,600 technology platforms and e-commerce sites at more than 2,500 bookstores. Additional information about Nebraska Book Company can be found at the Company’s website: http://www.nebook.com.