Remains Focused on Strategic Objectives and Supporting the Highest Priority Goals of Institutions and Customers
Barnes & Noble Education, Inc. BNED, a leading solutions provider for the education industry, today announced that it has entered into an agreement with its financial stakeholders and strategic partners on the terms of a refinancing that would immediately strengthen the Company’s liquidity and overall financial positions by extending the maturity of its debt facilities, amending certain credit facility covenants and modifying certain other agreements. With this agreement, the Company is well-positioned to continue supporting academic institutions and customers nationwide through the upcoming Fall Rush and beyond.
“We are pleased to have worked constructively with our largest financial and strategic partners to reach a resolution that better positions us to accelerate the execution of our strategy for the benefit of BNED’s students, educators, faculties, alumni, fans, community members, institutions, employees and shareholders,” said Michael P. Huseby, Chief Executive Officer, BNED. “It’s an important time of year in higher education, and our top priority is being prepared to service our students and campus partners. This agreement provides us financial flexibility as we continue delivering on our strategic objectives and meeting our obligations with our schools and business partners. We look forward to continuing to meet the needs and expectations of the hundreds of institutions and millions of students who rely on BNED.”
As part of the agreement, BNED is establishing a committee of the Board of Directors to continue the ongoing review of a broad range of strategic alternatives available to the Company, including but not limited to potential capital raises, asset divestitures or a sale of the business as well as pursuing its standalone growth plans. There can be no assurances regarding the timing, terms or structure of any potential outcome. In…
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