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PNC Leads Lenders in Neebo’s New $80MM ABL Facility

November 17, 2014, 08:06 AM
Filed Under: Distribution

Nebraska Book Company|Neebo Inc. announced it has closed on a $60 million five-year revolving credit facility with PNC Bank, N.A. As part of this new facility, the company’s existing asset-based loan lenders have also agreed to provide an additional $20 million of liquidity support.

“We are excited to announce the new facility and partnership with PNC Bank, N.A.,” said Jon Otterberg, Chief Financial Officer of Neebo. “This is another important step in the company’s goal of increasing liquidity and reducing its cost of capital. The new five-year credit facility enhances our ability to source the right books as well as enables us to continue to grow our on-campus presence and expanded ecommerce strategy.”

The new credit facility will replace the company’s existing facility, and will significantly extend the term and increase the commitment available to support the company’s seasonal working capital needs.

“Access to additional working capital benefits our company’s operations overall,” said Steve Clemente, president and CEO of Neebo. “Our ongoing efforts to solidify a superior national presence and serve more students in-store and online increases the need for access to inexpensive operating capital.”

Nebraska Book Company Inc. was founded 100 years ago with a store near the University of Nebraska Lincoln campus. The company pioneered used textbook distribution and expanded to campuses across the country and is today a leader in solutions for the college store marketplace supporting more than 2,000 college-related retail stores. It is now owned by Neebo, Inc., an online retailer and operator of more than 200 college stores across the nation. Neebo provides millions of students, parents, faculty, fans and alumni with the most complete selection of rental, used and new textbooks, as well as college-branded apparel, gear and accessories.

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