LINCOLN, Neb.--(EON: Enhanced Online News)--Neebo, Inc. (the “Company”; NEEB*), an industry leader in solutions for the college store marketplace, today announced it has made a voluntary payment of approximately $20 million on its senior secured term loan. The $20 million payment increases the total of the Company’s voluntary prepayments of its senior secured term loan to nearly $74 million since July 1, 2012, leaving a balance of approximately $12 million outstanding under this facility.
“We have greatly improved our financial position in the last 12 months by voluntarily paying down a significant amount of debt, and we’ll continue capitalizing on that momentum with new strategies that will drive future growth and equity value.”
“Improving our free cash flow, paying down our debt and ensuring we have access to cost-effective financing continue to be top priorities,” said Steve Clemente, President and Chief Executive Officer of Neebo, Inc. “We have greatly improved our financial position in the last 12 months by voluntarily paying down a significant amount of debt, and we’ll continue capitalizing on that momentum with new strategies that will drive future growth and equity value.”
The Company’s voluntary payments on its term loan have permanently reduced a material portion of the Company’s debt and continue to improve its financial position.
“Making this voluntary payment on our term loan is just another step in our plan to continue strengthening our balance sheet,” said Jon Otterberg, Chief Financial Officer and Chief Strategy Officer of Neebo, Inc. “This payment puts us in a strong position to execute our strategies of expanding our on-campus footprint and enhancing our online and digital offerings.”
Additional financial information, including the consolidated financial statements as of and for the fiscal year ended March 31, 2013, are 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 200 stores, serving more than 2 million students at colleges and universities nationwide. Nebraska Book Company, Inc. sells 6 million textbooks annually and installs more than 1,600 technology platforms and e-commerce sites at more than 2,500 stores. 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 or the OTC markets; however, trades in Neebo, Inc. common stock are reported on the OTC Grey Market under the symbol NEEB.