LINCOLN, Neb.--(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.