Cengage amends revolver, extending maturity of some commitments

By Sara Rosenberg

New York, Oct. 29 – Cengage Learning Inc. amended its asset-backed revolving credit facility, extending $206.55 million of the commitments to Oct. 29, 2023, or 91 days prior to June 7, 2023, if any of term loans due 2023 are then outstanding, according to a news release.

The extended revolver has pricing that can range from Libor plus 225 basis points to 275 bps based on average daily utilization, a 0.5% Libor floor and a 50 bps commitment fee.

In connection with the amendment, the principal amount of the total asset-backed revolving credit commitments was reduced by $25 million to $225 million.

There is $18.45 million in revolver commitments that were not extended.

Citibank is the administrative agent.

Cengage is a Boston-based education and technology company.

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