CIT Bank Provides Nebraska Book Company New Credit Facility

Nebraska Book Company (NBC) entered into a new five-year, asset-based loan facility with CIT Bank.

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Provider: 
Business Wire, Inc.
Retrieved on: 
Tuesday, October 1, 2019
Information
Tags: 
Entertainment, Professional services, Other Retail, Books, Specialty, University, Education, Retail, Consulting, Financial services, CIT Bank, Nebraska Book Company, CIT, Lincoln, Nebraska, NBC, Bank, Economy, Finance
Geotags: 
NEBRASKA, United States, Canada
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Summary
Key Points: 
  • Nebraska Book Company (NBC) entered into a new five-year, asset-based loan facility with CIT Bank.
  • Part of the proceeds will be used to replace its existing credit facility with Callidus Capital Corporation, which will mature in January 2020.
  • Our new partnership with CIT Bank will allow us to accelerate our growth strategies and continue investing in an evolving higher education retail industry, said NBC President and CEO Jay Amond.
  • Headquartered in Lincoln, Neb., Nebraska Book Company began in 1915 as an independent college bookstore.


Nebraska Book Company (NBC) entered into a new five-year, asset-based loan facility with CIT Bank. Part of the proceeds will be used to replace its existing credit facility with Callidus Capital Corporation, which will mature in January 2020. The remainder of the facility will provide additional working capital for execution of NBC’s strategic plans, including expanding its wholesale textbook distribution business and its technology division, PrismRBS.

“Our new partnership with CIT Bank will allow us to accelerate our growth strategies and continue investing in an evolving higher education retail industry,” said NBC President and CEO Jay Amond. “Now that we have essentially eliminated long term debt, this new facility allows significant flexibility to grow within the collegiate retail space and within the Lincoln community.”

About Nebraska Book Company

Headquartered in Lincoln, Neb., Nebraska Book Company began in 1915 as an independent college bookstore. Today the company is one of North America’s largest textbook distributors and a key resource and consulting partner to more than 2,000 collegiate retailers nationwide. NBC and its divisions, PrismRBS, Campus Store Design and Campus Advisory Services, provide course materials, retail technology, store design services and consulting across the United States, Canada and the Caribbean. For more information about NBC visit nebook.com.

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