School Specialty trims commitments to $125 million from $175 million

By Angela McDaniels

Tacoma, Wash., July 31 – School Specialty, Inc. elected to permanently reduce the aggregate commitments under its loan agreement to $125 million from $175 million, according to an 8-K filing with the Securities and Exchange Commission.

The reduction will be effective as of Aug. 7 and will be made on a ratable basis for all lenders.

The company said it believes that this reduction will enable it to reduce its annual interest expense through lower commitment fees and that the reduced commitments will continue to provide enough borrowing capacity for the remaining term of the agreement.

Bank of America, NA is the agent.

School Specialty is a Greenville, Wis.-based education company.

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