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CIT Bank Provides Nebraska Book Company New Credit Facility

October 02, 2019, 08:55 AM
Filed Under: Distribution
Related: CIT Bank

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.”

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.

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