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News Nebraska Book Company Seeks Increased Credit Agreement Lincoln, NE Nebraska Book Company, Inc., a Kansas corporation (the "Company"), today announced its intention to seek a $20 million increase to its Revolving Credit Facility (the "Revolver") under its current Senior Credit Facility and an amendment to certain definitions under the Senior Credit Facility. This additional $20 million would bring the maximum Revolver capacity to $85 million. The Company is seeking to increase the maximum borrowing under its Revolver in order to provide the means to pursue additional opportunities to expand its contract managed and private college bookstore business and to enhance its working capital flexibility generally. The Company has historically used the Revolver to fund peak working capital requirements of its business, including additional working capital investments for its expanding chain of retail college bookstores across the country. The Company did not identify any specific bookstore opportunities in connection with the increase. Mark Oppegard, Nebraska Book Company’s President and CEO said, "This increase would allow us to continue to execute on our strategy of expanding our chain of college bookstores across the country. This time of year is especially busy in terms of responding to requests for proposals for contract managed stores and we want to be prepared in case we’re successful in obtaining a number of those bookstore operations over the next few years. Our current Revolver is sufficient for us to continue to grow; however, we continue to see opportunities that we want to be able to pursue that may require additional peak borrowing capability – that’s why we're undertaking this initiative." The Company is also seeking to amend certain definitions in its Senior Credit Facility in order to exclude certain one-time or non-recurring costs, including those incurred in connection with the closure of its California warehouse and the integration of the College Bookstores of America, Inc. into the Company’s operations, from the computation of Consolidated EBITDA. |
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