Neebo Inc. Reduces Long-Term Debt by $6.4M; Adds 7 New On-Campus Stores to the Neebo Family
April 17 2014 - 3:18PM
Business Wire
Neebo, Inc. (the “Company”; NEEB+) today announced a payment of
$6.4 million on its senior secured term loan and the addition of
seven new stores to its on-campus fleet. Neebo, Inc. is a holding
company and the beneficial owner of Nebraska Book Company, Inc., an
industry leader in solutions for the college store marketplace.
Since July 1, 2012, the Company has voluntarily pre-paid over
$80 million of its senior secured term loan, reducing the balance
to $6.2 million as of March 31, 2014. These payments have
permanently reduced a significant portion of the Company’s
long-term debt and are a key component of their plan to continually
improve the Company’s financial flexibility.
“Our teams are doing a tremendous job executing strategies that
are focused on serving the higher education industry, and this
success has allowed us to continue to reduce our total debt while
simultaneously investing heavily in our on-campus store growth and
technology offerings,” said Jon Otterberg, Chief Financial
Officer.
Additionally, in the last three months, the Company welcomed
seven new on-campus stores to its college retail fleet. “Our focus
on developing products and services that help make the college
experience even better for students makes us a great partner for
the college campuses we serve,” said Steve Clemente, President and
Chief Executive Officer. “We are excited to offer industry leading
services such as our Best Price Promise, Neebo Student Network, and
Rent Every Textbook and Save. The combination of our affordability,
individualized marketing programs, and excellent guest service are
really resonating with our college partners.”
The seven new on-campus stores include: Clarion University,
Laredo Community College, Coastal Carolina University, Western
Connecticut State University, Arkansas State University, Moraine
Park Tech, and University of Wisconsin System; Sheboygan, Richland,
Online.
Additional financial information regarding the Company,
including the unaudited condensed consolidated financial statements
as of and for the three and nine months ended Dec. 31, 2013, and
Dec. 31, 2012, is located on the Financial Filings page of the
Company’s website at
http://www.nebook.com/financial/company_filings.asp.
About the Company
Neebo, Inc. is the beneficial owner of Nebraska Book Company,
Inc., which began in 1915 with a single college store near the
University of Nebraska campus and now operates more than 207
stores, serving more than 2 million students at colleges and
universities nationwide. Nebraska Book Company, Inc. sells and
rents more than 8.7 million textbooks annually, and supports
technology platforms and e-commerce sites at more than 1,200
bookstore locations. Additional information about Nebraska Book
Company, Inc. can be found at the Company’s website:
http://www.nebook.com.
*Neebo, Inc. common stock is not listed, traded or quoted on any
U.S. stock exchange but is quoted on the OTC Pink Market under the
symbol NEEB.
Neebo, Inc.Media Relations:Cassie Grenemeier,
402-730-0500cgrenemeier@neebo.com