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Cengage Learning plans credit facility amendment and extension
By Sara Rosenberg
New York, Feb. 27 - Cengage Learning expects to come to market shortly with a credit facility amendment and extension transaction, according to Dean Durbin, chief financial officer.
"Today we announced we are planning to launch an A&E in the next week or two. Pursuant to our strategy to be opportunistic about addressing our capital structure, we plan to capitalize on the recent improved market conditions," Durbin remarked at the J.P. Morgan High Yield & Leveraged Finance Conference on Monday.
At Dec. 31, 2011, the company had a $300 million revolver, of which $297.4 million was available, a roughly $3.29 billion term loan and a $597 million incremental term loan.
Senior secured leverage at year-end was 4.46 times, and total leverage was 6.2 times.
Cengage is a Stamford, Conn.-based provider of teaching, learning and research services for the academic, professional and library markets.
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